The Qatar Central Bank( QCB) sets to attract Big Tech and Fintech entities in the fields of Blockchain, AI, Tokenization, Digital assets and crypto to the country.
As per its third financial sector strategy launched by HE Prime Minister Sheikh Mohamed Bin Abdulrahman Bin Jassim Al Thani, the Qatar Central Bank recommended enhancing financial inclusion, measures to facilitate building a world-class shared market infrastructure and establishing a financial technology talent center of excellence.
The third financial sector strategy is to make Qatar a leading ecosystem embracing emerging technologies to accelerate digital transformation supported by adaptable and consistent regulatory frameworks and trusted market infrastructure. The regulatory framework is one of the key initiatives and aims to develop framework for DLT ( Distributed Ledger Technology), Blockchain, Crypto and digital assets as well as Decentralized Finance (DeFi). The regulations will ensure a trusted, legal and economic environment for AML, IP rights, and KYC KYT.
Growth areas include payments ecosystem specifically retails, as well as introduction of solutions such as robo advisory, Blockchain, artificial intelligence, digital assets and tokenization. It also includes digitization in Islamic Finance and ESG (Environmental Social Governance).
The strategy contains 48 actionable items with 20 high priority ones as per the strategy.
The Qatar Financial Centre Regulatory Authority and QFC Authority have jointly developed a QFC digital assets framework, as well as launched their digital assets lab which will work as a sandbox for incubating startups.
QCB governor Sheikh Bandar bin Mohamed bin Saoud al-Thani. Stated,”We believe in the importance of digital finance ecosystem in supporting the development process. As a result, we have adopted this ecosystem as a third pillar within our strategy to lead the digital financial transformation for the sector to be pioneer in the adoption of modern technologies.”