The Qatar Financial Centre (QFC) unveiled a new regulatory regime for digital assets. The initiative aims to establish regulatory clarity for crypto businesses in the region and strengthen the country’s financial sector.
The Qatar Financial Centre (QFC), based in Doha, announced the implementation of a comprehensive regulatory framework for digital assets. The initiative was developed with the involvement of local regulators, namely the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA).
Under the new regulatory framework, clear regulatory guidelines were established for:
- tokenization processes;
- ownership of tokens and their underlying assets;
- storage, transfer, and exchange of digital assets.
The new framework also provides for legal recognition of smart contracts.
According to H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Qatar Central Bank (QCB), the new regulatory regime is designed to support Qatar’s digital transformation, ensuring the security and transparency of the digital asset ecosystem within the QFC and compliance with international standards. Yousuf Mohamed Al-Jaida, CEO of the QFC, said that the primary goal of the regulators is to build trust with consumers, service providers, and stakeholders.
The regulatory framework was developed with active participation of 37 local and international organizations operating in finance, technology and law. Michael Ryan, CEO of the QFCRA, stated that the regulatory framework allows companies to apply for licenses to conduct digital asset-related activities in the region.
The QFC operates independently from the main territory of Qatar, with its own legal, regulatory, tax, and business framework. The center offers foreign companies the ability to own 100% of their business and fully repatriate profits, along with a competitive 10% corporate tax rate on local income.
The Qatar Central Bank developed the infrastructure for the CBDC pilot project and is preparing to test the state’s digital currency. However, Qatar remains one of the countries where the use of cryptocurrencies, including stablecoins, is legally prohibited.
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