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The Qatar Financial Centre (QFC) has unveiled its QFC Digital Assets Framework 2024, a comprehensive regulatory regime designed to foster innovation and growth in the digital asset sector within the QFC, according to an announcement today.
The framework was developed by the QFC in collaboration with industry stakeholders, including digital asset exchanges, custodians, and other market participants, and aims to support Qatar's digital transformation goals, the announcement said.
The framework covers a wide range of digital asset activities, including issuance, trading, custody, and other related services. It also addresses key regulatory concerns such as anti-money laundering, counter-financing of terrorism, and market conduct. As part of the QFC's commitment to responsible innovation, the framework incorporates robust risk management measures to protect investors and maintain market integrity.
“We are proud to set a blueprint for developing, applying, and operating digital assets, that promotes market trust and confidence. We anticipate that this regulatory clarity will attract both domestic and international players, boosting Qatar’s financial services sector competitiveness,” Yousuf Mohamed Al-Jaida, chief executive officer, QFC, said.
Qatar has been actively exploring the potential of digital assets in recent years, recognizing their transformative power and the opportunities they present for economic growth and diversification. The QFC's new framework builds upon the country's existing efforts to foster a conducive environment for innovation and technology adoption.
The QFCRA, the Qatar Financial Centre Regulatory Authority, is the authority responsible for licensing and supervising digital asset service providers under the new framework.
