Qatar promises crypto regulations by end of 2024

Posted by Admin July 30, 2024 World

Qatar has announced it is progressing towards establishing a regulatory framework for digital assets, indicating a shift from its previous stringent stance against cryptocurrencies.

The nation had banned Bitcoin trading in 2018, but recent actions suggest a cautious reconsideration of this policy. Last year, Qatari financial regulators proposed a framework to regulate investment tokens backed by tangible assets. The Qatar Financial Centre Regulatory Authority (QFCRA) and the QFC Authority (QFCA) collaboratively developed this framework, aligning with Qatar’s digital economy strategy.

Seeking industry feedback to refine the regulations, the final legislation is expected by Q4 2024. The QFC also launched a Digital Assets Lab to foster innovation in the financial and digital asset sectors.

Officials at QFCA stated that the Digital Asset Framework represents a pivotal milestone in the journey towards fostering innovation and growth within Qatar’s financial landscape. The lab offers a collaborative space for startups and researchers to explore solutions related to digital assets and blockchain.

The central bank in Qatar has finished building the foundation for its digital currency and plans to test it with local and international banks.

Other recent updates from Qatar

In July 2024, NPCI International Payments Limited (NIPL) signed an agreement with Qatar National Bank to launch QR code-based UPI payments across the country. Under this collaboration, tourists from India and travellers can scan QR codes to make UPI payments across multiple retail touchpoints as well as hotels, duty-free shops, and more in Qatar. NIPL highlighted that the initiative is aimed at benefiting Indian tourists and travellers visiting Qatar. The facility is set to allow users to make UPI payments across retail stores, tourist attractions, leisure sites, duty-free shops, and hotels. NIPL also emphasised that using UPI as a payment method will reduce travellers’ time since it is faster and more convenient than traditional options. However, it is important to note that UPI can only be used by individuals who have an account with a bank from India.