Key Takeaways:
- Qatar’s Financial Centre (QFC) introduces a regulatory framework for digital assets, aligning with international standards and focusing on tokenization, property rights, and smart contracts.
- The framework supports Qatar’s digital transformation, offering incentives like 100% foreign ownership and a 10% corporate tax to attract businesses.
- The initiative is integral to Qatar’s Third Financial Sector Strategy, with the QFC’s Digital Assets Lab drawing over 20 startups since October 2023.
Qatar’s Financial Centre (QFC) has introduced a comprehensive regulatory framework for digital assets, aiming to enhance the country’s financial sector.
This new regime covers key aspects of the digital asset ecosystem, including tokenization, legal recognition of property rights, custody arrangements, and smart contracts, aligning with international standards.
JUST IN: 🇶🇦 Qatar officially introduces regulatory framework for digital assets. pic.twitter.com/Kz0aUzbzW0
— Watcher.Guru (@WatcherGuru) September 2, 2024
The framework is part of Qatar’s broader digital transformation efforts and is designed to foster a secure and transparent environment for digital assets within the QFC.
It offers incentives such as up to 100% foreign ownership and a competitive 10% corporate tax.
Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani emphasized the framework’s role in advancing Qatar’s Third Financial Sector Strategy, which focuses on developing a capital market and leveraging emerging technologies.
The initiative involved collaboration with industry stakeholders, and since October 2023, the QFC’s Digital Assets Lab has attracted over 20 startups to develop and commercialize their products.
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