The Qatar Financial Centre (QFC) has introduced new regulations for digital assets, effective from September 1, 2024. These regulations aim to establish a comprehensive framework for token-based activities within the QFC.
QFC has defined a broad scope for the new regulations, focusing on permitted tokens and token services providers:
- Defines and regulates permitted tokens and token services
- Establishes licensing requirements for token service providers (TSPs)
- Sets standards for technology, security, and risk management
- Applies to all entities conducting token-related activities in or from the QFC
- Ensures regulatory compliance and oversight
- Outlines token ownership, transfer, and cancellation rules
QFC has defined clear rules for token ownership and transfer to ensure legal certainty:
- Ownership of permitted token confers ownership of underlying asset
- Transfer only by transferring control over power to transfer the token
- Transfer of token results in transfer of underlying asset
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