Qatar to establish digital asset regulatory framework and shift tough stance on cryptocurrencies

Qatar's tough stance on cryptocurrencies is shifting, with a major push to establish a regulatory framework for digital assets. Qatar banned Bitcoin trading in 2018, but the country has recently been cautiously reconsidering its approach. Last year, Qatar's financial regulator proposed a framework to regulate investment tokens backed by tangible assets. The Qatar Financial Center Regulatory Authority (QFCRA) and the Qatar Financial Center Authority (QFCA) collaborated to develop this digital asset framework, which aims to support Qatar's digital economy strategy. They sought industry feedback to refine the proposed regulations, and the final legislation is expected to be introduced in the fourth quarter of 2024. In addition, the Qatar Financial Center has also established a digital asset lab to encourage innovation in the financial and digital asset sectors. (Decrypt)