The Hashgraph Association (THA), a nonprofit organization building ecosystems using Hedera Hashgraph’s decentralized ledger technology, announced that it would work with stakeholders in Qatar to explore five digital asset use cases in the next twelve months.
The organization said on its official LinkedIn platform that it would look into the tokenization of equities, real estate and sukuk, an Islamic financial instrument similar to conventional bonds. The nonprofit would also explore digital asset use cases for sustainability, such as carbon credits.
Furthermore, THA also announced that it would include consumer engagement and loyalty programs in its exploration of digital asset use cases with Qatar-based stakeholders.
Qatar releases digital assets regulatory framework
On Sept. 1, the Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA), the regulators in charge of overseeing the Qatar Financial Centre (QFC), released a set of regulations governing digital assets.
THA believes the creation of the rules surrounding digital assets in Qatar would help its work within the local digital assets ecosystem and push the region’s global position in financial technology. THA wrote:
“These regulations strengthen The Hashgraph Association’s role in fostering innovation and trust within the digital assets ecosystem, further solidifying the region’s position as a global leader in fintech.”
The organization added that along with the QFC, it would also provide knowledge exchange, regulatory clarity and international visibility to propel the region forward as a leader in digital assets.
$50 million venture studio with the Qatar Financial Centre
The new update is part of THA’s ongoing partnership with the QFC, announced earlier this year.
At the Qatar Economic Forum on May 16, THA announced a $50 million partnership with the QFC to create a digital assets venture studio that will support Qatari and international firms in developing regulatory-compliant solutions built on Hedera.
The venture studio will invest in Hedera-powered enterprises and startups building decentralized finance (DeFi) projects. The program will run from 2024 to 2028.
According to the announcement, the partnership will also further focus on delivering regulatory-compliant tokenization solutions. It would also provide startups and small to medium enterprises (SMEs) with training, engineering and financing resources for research and development.
Magazine: Lawmakers’ fear and doubt drives proposed crypto regulations in US
