The Qatar Financial Centre (QFC), located in Doha, Qatar, has introduced a comprehensive system for regulating and developing digital assets.
The QFC, through its regulatory bodies - Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA) - has unveiled a framework that lays the groundwork for digital assets within the QFC.
This framework covers procedures for tokenization, legal recognition of ownership rights over tokens and underlying assets, custody and transfer and exchange arrangements.
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In addition, the regime includes provisions for the recognition of smart contracts as legal entities.
Like the UAE's independent free economic zones, the QFC operates with its own legal, regulatory, tax and business system, separate from the rest of Qatar.