New QFC Framework Ensures Confidence in the Asset Tokenization Process
A legal framework for digital assets has been developed by the Qatar Financial Centre, a special economic zone located in Doha, Qatar, in response to the growing amount of activity surrounding cryptocurrencies in the region. According to the QFC’s statement released on Sunday, the QFC Digital Assets Framework 2024 provides more clarity and establishes the legal and regulatory framework for crypto assets, including tokenization, property rights in tokens, custody arrangements, transfer, and exchange.
The framework sets high standards for the process of asset tokenization and puts in place a trusted technology infrastructure that will ensure trust and confidence among consumers, service providers, and industry stakeholders,
the QFC
QFC Advisory Council Shapes Doha’s Financial Future with New Regulatory Framework
Situated in Doha, the QFC is a financial and corporate center that is onshore. With up to 100% foreign ownership and 100% profit repatriation permitted, it provides its own legal, regulatory, and tax framework. On its website, the QFC states that it levies a 10% corporate tax on earnings that are obtained domestically.
The QFC states that an advisory council made up of 37 domestic and international organizations provided extensive consultation before the framework was created. The objective of Qatar‘s Third Financial Sector Strategy is to establish a financial and capital market that is the region’s leader in terms of innovation. Launched in October 2023, QFC Digital Assets Lab is a drive for crypto innovation that has approved over 20 startups and fintech companies to create and market their crypto asset solutions.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment