ChainCatcher news: According to Cointelegraph, the Qatar Financial Center (QFC) recently released a comprehensive system for the regulation and creation of digital assets.
In line with the Qatar Central Bank’s strategy, the QFC’s regulators, the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA), announced a framework to lay the foundation for digital assets within the QFC.
These rules include the tokenization process, legal recognition of property rights in tokens and underlying assets, custody arrangements, transfers and exchanges. In addition, the framework also contains provisions for the legal recognition of smart contracts.
Similar to the free economic zones in the United Arab Emirates, QFCs are independent from Qatar proper and have their own legal, regulatory, tax and commercial framework to keep them separate from the rest of Qatar.
