Authorities in Dubai have launched a comprehensive regulatory framework for digital assets in the region. In a press release, the regulator in the country, known as the Qatar Financial Centre Authority says the comprehensive regime will establish a foundation for digital assets, regulating how they are created and offered to investors.

At its core, the framework covers tokenization processes and various legal perspectives on property rights in cryptos, custody arrangements, transfer, and exchange. Likewise, the rules also make provisions for smart contracts.

In essence, the regulatory framework in Dubai ensures that the digital asset economy within the region is not only secure but also transparent. More so, it places the Dubai crypto economy in a way that adheres to international practices. This, according to the Dubai regulator, strengthens investors trust and confidence among investors, service providers, and relevant stakeholders.

According to Qatar Central Bank Governor, His Excellency Sheikh Bandar bin Mohammed bin Saoud Al Thani, the newly launched regulatory framework is a major step forward in enhancing the country’s financial landscape. He is optimistic that the legal framework will open up the region for significant opportunities embedded in the bustling digital landscape.

Qatar redefining its financial space by embracing digital technologies

Last year, Qatar took a bold step to redefine its financial sector by unveiling its “Third Financial Sector Strategy” initiative. This initiative helps create a capital market to help the country fully activate its economic potential. Qatar’s ambition has always been to embrace emerging technologies and trends to accelerate digital transformation.

Meanwhile, the Qatar authorities says its newly-developed framework was done in collaboration with industry stakeholders. More so, it was developed through the help of an advisory group of 37 domestic and international firms in the world of finance technology.

Qatar plans to lay the groundwork for the development of a thriving financial sector. According to Al-Thani, this regulatory framework supports Qatar’s digital transformation agenda, particularly in line with the Third National Development Strategy.

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