Sidra Chain gets accepted into Qatar’s digital assets Lab

Sidra Chain gets accepted into Qatar’s digital assets Lab

SIDRA and its SIFRA Chain have been accepted into The Qatar Financial Centre (QFC) digital assets Lab. In an X post, Engineer Hossam Shaaban noted that QFC has made significant strides in its mission to foster a thriving digital assets ecosystem.

He stated, “The recent announcement of 24 innovative firms joining the inaugural QFC Digital Assets Lab marks a pivotal moment in this journey. Among these pioneering companies, SIDRA and SIDRA Chain stand out as prominent players, showcasing the potential of Qatar to become a global hub for blockchain technology.”

SIDRA, develops blockchain solutions. Its subsidiary, SIDRA Chain, offers a comprehensive suite of blockchain-based products and services, including tokenization, BaaS, and supply chain solutions.



The 24 participants in the Lab represent a diverse range of sectors, including finance, real estate, and supply chain management. Their innovative solutions have the potential to revolutionize the way we conduct business, improve transparency, and enhance efficiency.

Since the launch of the QFC Digital assets Lab, more than 24 startups have been accepted, including Ripple backed Ryzer Blockchain, DMZ Finance and more.

Digital asset custodian, Zodia Custody interested in expanding to UAE and Qatar

Digital asset custodian, Zodia Custody interested in expanding to UAE and Qatar

Zodia Custody, backed by Standard Chartered Bank has shown interest in offering its services not only in the UAE but in Qatar as well.

Recently, Gerry Afentakis, Head of Europe & MENA Sales at Zodia Custody visited the Qatar Development Bank along with members from the Qatar Financial Authority.

Hani Khateeb, Fintech Specialist Advisor of Qatar Fintech Hub at the Qatar Development Bank noted on LinkedIn, “Today, we had the pleasure of hosting Zodia Custody and Qatar Financial Centre (QFC) Authority at Qatar Development Bank offices. We were joined by Gerry Afentakis from Zodia, who shared their latest achievements, milestones, and provided valuable insights into their role in the institutional digital asset custodianship market globally.”

He added, “It was especially impressive to learn about their shareholder and list of banking customer in both the MENA region and internationally. During our discussions, we explored potential collaborations in the exciting world of digital assets here in Qatar aligning with existing frameworks and future plans for paving the way for this new technology to flourish within Qatar’s financial sector.”

The visit of Zodia Custody’s Head of Europe and MENA Sales executive, comes after Qatar launched its digital assets framework, and DLT framework. Qatar’s digital assets regulation allows for the tokenization of real-world asset, excluding cryptocurrencies and stablecoins.

The Qatar Digital Assets Lab was also created to develop tokenization platforms for tangible and intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT (distributed ledger technologies), blockchain, and smart contracts.

Moreover, the framework also allows for tokens and token custodians, exchanges, transfer providers and validators, as well as token issuers.

As per the framework, “Token custody services mean holding or controlling tokens on behalf of clients; or holding or controlling the means by which clients’ tokens may be recorded and transacted on token infrastructure. A company that holds or safeguards the private keys for its clients’ tokens is providing custody services in relation to those tokens. An entity licensed to provide token custody services may be referred to as a token custodian.”

This could be why Zodia Custody is now interested in visiting QFC after it started its journey in the UAE. Replying to Khateeb, Afentakis stated on LinkedIn, “Thank you, Qatar Development Bank, and your exceptional colleagues (Mayssa Mrabet & Kevin) for the wonderfully warm Qatari hospitality and for such an astute and fruitful discussion. So much to look forward to.”

Replying to Lara on the Block, Afentakis in a message noted, “We are very much exploring Qatar, and will be setting up in UAE in both VARA and ADGM in Q1 of 2025.”

In 2023, Standard Chartered’s backed digital asset platform, Zodia markets, received an In-Principal Approval (IPA) fulfilling the pre-requisites to receive a Financial Services Permission (FSP) for OTC broker-dealer in virtual assets by Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center.

Zodia Markets chose to expand into the UAE as the region establishes itself as a rapidly emerging hub for digital assets. The strategic expansion provides institutional investors from the Middle East and Africa with reliable access to this growing, alternative asset class, consolidating Zodia Markets’ position as an integral part of the global digital asset landscape.

In an article on Zodia Custody website they note that with all the growth being witnessed in UAE and GCC region in terms of blockchain and digital assets businesses, the banking sector has sometimes been tentative in embracing the crypto industry. The article states, “With crypto firms situated there reporting that they still struggle to access banking services. This hurdle is now starting to be removed as some players are beginning to offer digital asset-friendly services. Major financial institutions are also requesting proposals and seeking providers for virtual asset services.”

This is why a year ago, UAE based Standard Chartered signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody through its Zodia Custody entity. At the time Standard Chartered noted that its new services would be powered by its subsidiary Zodia Custody.

In 2024, Brevan Howard became the first client for Standard Chartered regulated crypto custody service out of DIFC. DIFC (Dubai International Financial center) regulator DFSA.

Taurus in Qatar is offering digital asset, crypto and tokenized securities solutions

Taurus in Qatar is offering digital asset, crypto and tokenized securities solutions

Taurus announced its strategic partnership with the Qatar Financial Centre (QFC) Authority as part of the QFC Digital Assets Lab which will allow it to serve banks and financial institutions across Qatar and MENA by delivering enterprise technology from digital assets, to crypto to tokenized securities.

As per the press release, the QFC Digital Assets Lab is a key initiative within the QFC Innovation Dome, which is designed to accelerate innovation in digital assets and Distributed Ledger Technology (DLT). By fostering collaboration between businesses, start-ups, and researchers, the lab aims to position Qatar “as a leader in the digital economy, guided by the newly introduced QFC Digital Assets Regulatory Framework 2024.”

The framework sets rigorous standards for tokenization, legal recognition of digital assets, and the use of smart contracts, ensuring the highest levels of security and transparency. As a digital asset infrastructure provider, Taurus provides secure and scalable solutions for the custody, tokenization, and management of digital assets.

Through the QFC Digital Assets Lab, financial institutions in the region will now have access to Taurus’ enterprise-grade technology, which supports the full range of digital assets, from cryptocurrencies to tokenized securities.

Bashir Kazour, Managing Director at Taurus, commented, “The QFC Digital Assets Lab offers a robust regulatory environment, making Qatar a prime location for digital asset innovation. We are pleased to bring our expertise in digital asset management to this dynamic market and better serve our clients and partners across the Middle East.”

Taurus SA is a Swiss Fintech founded in April 2018, provides enterprise-grade digital asset infrastructure to issue, custody, and trade any digital assets, including cryptocurrencies, tokenized assets, NFTs, and digital currencies.

Depending on their business model, strategy, and risk tolerance, Taurus’ clients can seamlessly manage cryptocurrencies “including staking, digitize and tokenize any type of asset on any standard end-to-end, and process digital currencies of their choice.”

Taurus’ product portfolio is composed of  Taurus-PROTECT, the leading secure storage solution in Europe which is currently used by more than 30 financial institutions and corporations. Taurus-CAPITAL allows clients to issue and “manage tokenized assets on public and permissioned blockchains, as well as interact with any smart contract.

Both The Hashgraph Association as well as R3 also announced their partnerships with QFC digital assets lab and their offering.

The Hashgraph association explores five tokenization use cases in Qatar

The Hashgraph association explores five tokenization use cases in Qatar

The Hashgraph Association, a partner with Qatar Financial Centre (QFC) Digital assets Lab announced on LinkedIn, that within the next 12 months it will work together with stakeholders to explore implementing five innovative use cases, in the areas of equity tokenization, Sukuk Islamic Bonds tokenization, real estate tokenization, sustainability ESG Carbon credits, as well as consumer engagement and loyalty programs.

This is part of the partnership that was signed with QFC for a $50 million Digital Assets Venture Studio to develop the Web3 and DLT innovation ecosystem in Qatar.

As per the post, the QFC, and Qatar Central Bank digital assets framework recently announced in September was a major milestone establishing a comprehensive legal and regulatory foundation for tokenization, smart contracts, and asset custody, ensuring compliance and security.

The Hashgraph Association post noted, “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. By providing knowledge exchange, international visibility, and regulatory clarity, QFC and The Hashgraph Association are propelling the region toward the forefront of digital asset technology.”

R3 also one of the QFC partners for the Digital Assets Lab also noted as well that it will power tokenization projects across Qatar’s financial industry.

R3 to power tokenization projects in Qatar’s Digital Assets Lab

R3 to power tokenization projects in Qatar’s Digital Assets Lab

R3 which is a partner within the Qatar Financial Centre (QFC) Authority as part of the QFC Digital Assets Lab has announced that it will power tokenization projects across Qatar’s financial industry.

As per a Linkedin post, “This initiative signals Qatar’s bold ambition to become a leading innovator in the rapidly evolving landscape of digital assets. The Digital Assets Lab will be a hub for collaboration and innovation and provide a platform for transforming digital concepts into practical, industry-ready technologies.

R3 Founder and CEO, David E Rutter said, “Over the last year, R3 and QFC’s joint working groups have explored emerging regulatory paradigms and illustrated the benefit of nationally deploying DLT technology. We are honored that QFC Lab has chosen R3 as its trusted digital infrastructure provider. The QFC Digital Assets Lab enables participants, such as corporations, banks, and buy-side firms to explore use cases from proof of value to full production validation on Corda. As the base product for the QFC ecosystem, R3’s Corda will power tokenization projects across Qatar’s financial industry, supporting the issuance, transfer, and redemption of digital assets.”

R3 notes that it will continue to support the robust digital assets ecosystem in Qatar and building the digital financial markets.

R3 has been working with governments and banks across the GCC region on CBDC projects as well, including the UAE and KSA.

QFC accepts Polygon among 24 companies into digital assets lab

QFC accepts Polygon among 24 companies into digital assets lab

Qatar Financial Centre (QFC), financial and business center has announced that its QFC Digital Assets Lab is now live with the onboarding of 24 participants which include entities such as Polygon and Blade Labs among others. This cohort will benefit from a comprehensive support system for developing, testing and commercializing their digital solutions and services.

As per the press release, the participants will develop transformative solutions tailored to a variety of use cases across different industries. By leveraging blockchain/ distributed ledger technology, these innovators seek to address industry challenges and drive digital transformation in their respective sectors.

Among the 24 successful candidates are ALT Realtech, Bladelabs, Polygon, Taurus, Settlemint and Partior.

To bolster the capabilities of the Digital Assets Lab, QFC has partnered with leading international organizations such as Google Cloud, Masraf Al Rayan, The Hashgraph Association, and R3. According to QFC, these strategic partners will offer subject matter expertise, providing participants with valuable knowledge and industry insights. The full list of partners and participants is available on the QFC website

The Digital Assets Lab supports the stakeholders in exploring and experimenting with various use cases, such as trade finance, real-world asset tokenization, carbon credit tokenization and various ancillary services to support the end-to-end tokenization. To facilitate these processes, the Lab and its participants will operate under the newly launched QFC Digital Assets Framework, established to ensure a secure and transparent digital asset ecosystem for asset tokenization processes and the implementation of a trusted technology infrastructure.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, commented on the diversity of the first cohort, stating: “I am delighted that the Digital Assets Lab has officially commenced, with 24 participants working on technologies with different applications. Their collective effort and expertise will be pivotal in advancing digital asset solutions across multiple industries. The technologies we aim to develop through the Lab will support our goal of creating a resilient and secure financial sector, fostering a thriving wealth management hub, and positioning Qatar at the forefront of innovation.”

In a Linkedin post, Henk Jan Hoogendoorn, Chief of Financial Services sector at QFC, noted, ” We are open for Financial Institutions that would like to partner with our Digital Assets Lab. We are aiming to attract use cases around tokenization of Real World Assets.”

While, Aditya Kumar Sinha, Head of Fintech & Digital Innovation at Qatar Financial Centre noted, “Congratulations to all the participants and lot of thanks to all our partners! We look forward to accelerate the pace of innovation in Qatar!”

The QFC Digital Assets Lab was launched in October 2023 to accelerate the development of Qatar’s digital ecosystem and provide a platform for transforming promising digital concepts into cutting-edge technologies that can be practically applied in various industries.

This comes weeks after Qatar announced its digital assets framework, and its DLT guidelines.

Central Bank of Qatar token regulations excludes crypto and stablecoins

Central Bank of Qatar token regulations excludes crypto and stablecoins

Qatar just announced its digital assets or token regulations. The Central Bank of Qatar, Qatar Financial Authority, as well as the QFC regulatory authority released the regulations that would allow for tokenization of real world assets not including cryptocurrencies or stablecoins. This comes after Qatar had announced its DLT regulations, as well as launched its Digital Assets Lab. Throughout this time Qatar had always made it clear especially through QFC that this pertained to tokenization of real world assets for financial and investment purposes.

On Sunday October 29th, Qatar announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. The digital asset lab was aimed to develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Today the digital asset token regulations has provided the framework to implement this.

The regulations cover all activities related to permitted tokens

As per the framework the regulations apply to tokens meeting the criteria specified which are under permitted tokens. It also covers transactions involving permitted tokens, and the provisioning of these token services. It also covers token custodians, and token exchanges, token transfer providers, token validators as well as token issuers which they call token generators.

Token custody services means the service of holding or controlling tokens on behalf of clients; or holding or controlling the means by which clients’ tokens may be recorded and transacted on token infrastructure. A company that holds or safeguards the private keys for its clients’ tokens is providing custody services in relation to those tokens. An entity licensed to provide token custody services may be referred to as a token custodian.
Qatar regulations also discussed Operating a token exchange which means operating a system which brings together multiple third party buying and selling interests in tokens, in accordance with the system’s non-discretionary rules, in a way that results in a contract in respect of the tokens. As per the regulation a token exchange which operates a facility which is merely an order routing system where buying and selling interests in, or orders for, tokens are merely transmitted but do not interact is not operating a token exchange.

Token is defined as digital representation of real property or rights

As per the regulation a token means a unique electronic data unit that is cryptographically secured. It is a digital representation of real or personal property rights including contractual rights and is capable of being issued, transferred or stored using DLT ( Distributed Ledger technology) or other similar technology.

DLT or blockchain technology will be used to transfer and store the permitted token.

Crypto and stablecoins not included in Digital asset regulation

The new digital asset regulations however are very clear on what they considered as not permitted tokens. In short, non permitted tokens are tokens that do not represent a right in a property. As such cryptocurrencies, and stablecoins are considered not permitted or excluded tokens from this regulation.

As noted in the regulation “ Excluded tokens include a currency that can otherwise be used as a means of payment. Examples: A cryptocurrency token that is used as an alternative to fiat currencies but is not issued or backed by any governmental authority and does not represent any ‘off-chain’ property, is an example of an excluded token.”

It goes on to add, “ A token commonly referred to as a stablecoin, is an example of an excluded token. This is because a stablecoin is regarded as a substitute for currency that can be used as a means of payment.”

Accepted tokens include for example a token representing a right to a commodity, such as a precious metal.

Investment tokens included in regulation

The regulation also allows investment tokens under what it calls tokenized schemes or token investing schemes or tokenized funds.
As per the regulations, “ A QFC scheme, or a sub scheme of a QFC umbrella scheme, is a tokenized scheme if any of the units in the scheme or sub scheme are investment tokens. A QFC scheme, or a sub scheme of a QFC umbrella scheme, is a token investing scheme if the scheme’s, or sub scheme’s, constitutional document states that it is an object of the scheme to invest in tokens.”
The regulation notes that tokenized investment schemes could cover Islamic funds, money market funds, feeder funds or property fund schemes.
In addition the regulation discusses tokenized investment funds and notes that, “ a professional investor fund is a tokenized fund if any of the units in the fund are investment tokens; a token investing fund if the fund’s constitutional document states that it is an object of the fund to invest in tokens.

 H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Qatar Central Bank Governor, stated, “Launching the 2024 Digital Assets Regulations marks a significant milestone in our journey towards realizing the Third Financial Sector Strategy.” He noted that this framework will create significant opportunities and support establishing a robust regulatory environment within the financial sector. This will support Qatar’s digital transformation goals, in line with the Third National Development Strategy, the final phase of the Qatar National Vision 2030.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, added “The introduction of the Digital Assets Framework 2024 underscores our commitment to creating a robust regulatory regime aligned with international best practices. We are proud to set a blueprint for developing, applying, and operating digital assets, that promotes market trust and confidence. We anticipate that this regulatory clarity will attract both domestic and international players, boosting Qatar’s financial services sector competitiveness.”

Unicorn Hunters partners with Qatar financial center for tech entrepreneurs

Unicorn Hunters partners with Qatar financial center for tech entrepreneurs

Unicorn Hunters, ta reality business series offering entrepreneurs a global platform to connect with millions of investors worldwide, has partnered with the Qatar Financial Centre Authority (QFCA) as it works to advance the nation as a world-class onshore financial and business hub.
This exciting new collaboration stands to further Qatar’s efforts to attract technology entrepreneurs which include Blockchain/DLT/tokenization innovators to the region, while simultaneously developing new partnerships and funding avenues for the Unicorn Hunters series, to the benefit of investor-fans, and featured entrepreneurs alike.

As part of the agreement, Unicorn Hunters and the QFCA will work together to position Qatar as a leading global innovation hub, connecting the country with innovators and entrepreneurs from both the Eastern and Western hemispheres. The partnership will also support the deployment of the Unicorn Hunters show in Qatar, integrating the series into the country’s innovation ecosystem and facilitating access to funding.

As part of a historic Memorandum of Understanding (MoU) signed at a special Signing Ceremony on the sidelines of the Qatar Economic Forum 2024, Unicorn Hunters and the QFCA will additionally work to promote and facilitate opportunities for entrepreneurs to establish operations in Qatar, with incentives available for a ‘soft-landing’ process and ensuring greater ease of doing business. High-growth startups may further be selected to be showcased on Unicorn Hunters, with the partnership also fostering collaboration on blockchain and financial technologies to ultimately democratize financial access to funding.

“Qatar’s commitment to technological prowess and ease of business start up and market integration, for example, to streamline the process of opening a new company in-country, makes this a perfect partnership,” stated Silvina Moschini, CEO of Unicorn Hunters and founder of the Unicoin, the official token of Unicorn Hunters. “At the same time, we are looking for future $1 billion ‘Unicorn’ companies to support and invest in Qatar, a nation striving to create an open and inviting economic environment for entrepreneurs from all walks of life who want to be the next Unicorn.”

As part of Qatar’s National Vision for 2030, the country has committed itself to creating a dynamic and sustainable economy by reinvesting its significant energy wealth into various other industries. The QFCA’s robust legal and regulatory frameworks additionally offer emerging companies access to one of the fastest-growing economies in the world.

“This partnership reflects QFC’s ongoing efforts in supporting Qatari entrepreneurs and empowering local startups and SMEs by providing a conducive business environment and an advanced innovation ecosystem that helps them grow and expand,” said Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC.

Viewed by millions globally, Unicorn Hunters supports emerging businesses by democratizing access to funding, giving entrepreneurs the opportunity to raise expansion capital from viewers around the world. In turn, viewers have the chance to make entry-level investments in pre-IPO opportunities. In 2022, Unicorn Hunters launched the Unicoin cryptocurrency, backed by real-world assets and investments in companies featured on the program.

Unicorn Hunters can be streamed on UnicornHunters.com, YouTube, Linkedin Broadcast, Facebook Video, and Vimeo. The program may also be viewed on Claro Video, one of the largest streaming platforms in Latin America, on Ghana’s TV3 Network, and on in-flight entertainment systems aboard Tap Air Portugal, WestJet, and Etihad Airways, the flagship airline of the UAE, serving millions of passengers across the Middle East, Europe, North America, Asia, Africa, and Australia.

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

On behalf of the Hong Kong SAR Government, the Financial Services Development Council (FSDC) signed an MoU with the Qatar Financial Centre (QFC) with the goal of deepening the collaboration across multiple financial services areas between Qatar and Hong Kong including digital assets.

The Hong Kong and Mainland China delegates to Qatar have had numerous group meetings and networking opportunities with the local Qatar stakeholders – QFC, QIA, QDB ( Qatar Development Bank), Invest Qatar, Qatar Foundation, QSTP, regulators, investors, family offices, channel partners in digital assets, fintech, wealth management, to deepen the collaboration and uncover concrete business opportunities.

This MoU signing is a follow-up from an earlier visit to Qatar by the Secretary for Financial Services and the Treasury, Christopher Hui, in 2023. Since then, Qatar leaders also visited Hong Kong during the Asian Financial Forum in early 2024.

King Leung, Global Head of Financial Services and Fintech, InvestHK told Qatar Pennisula media, that “Qatar can leverage Hong Kong’s strengths to its advantage. In Hong Kong, we have been experimenting lots of innovation such as tokenization and digital assets and would like to work more closely with Qatar.”

Sharing his perspectives on the intersection between fintech and AI, Global Head of Financial Services and Fintech Leung stated, “We are seeing the intersection of AI, big data, blockchain, and cloud. A lot of the financial institutions are now using fintech, which with that AI capability can help streamline a lot of the internal processes. We have seen a lot of AI innovation in the fintech space that are empowering the financial institutions to transform their operation, to raise their ability to service their clients.”

There have been regular follow-ups by both organizations, as well as InvestHK. We are committed to deepen our collaboration in key financial services areas – asset and wealth management, fintech, digital assets, and family offices.

The Undersecretary for Financial Services and the Treasury, Joseph Chan, the Financial Services Development Council (FSDC), InvestHK, and Cyberport led a delegation of over 30 Hong Kong and Mainland China business leaders to Doha on May 5-6.

Highlighting some of the key sectors of interest for investors from Hong Kong, Leung added, “The senior officials have been making our stance very clear in terms of our positioning as a major green finance and green tech hub. We would love to work with investors around the world to promote these movements. It could be new energy, new materials, or any of the technology layers that can promote a better tracking of the green behaviour. We see quite a lot of green fintechs using different technologies and access to different data.”

Qatar’s digital asset regulations catches the eye of Notabene

Qatar’s digital asset regulations catches the eye of Notabene

Notabene, a crypto compliance firm that offers compliance solutions with FATF Travel Rule, has shown interest in Qatar’s proposed digital assets regulatory rules framework and has commented on Qatar’s consultation paper.

Notabene offers Safe Transact platform that helps financial institutions and crypto businesses unlock their full potential in the digital economy. With a focus on security, privacy, and end-user experience, Notabene customers use a multi-source data and software to automate real-time decision-making, perform counterparty sanctions screening, identify self-hosted wallets, and complete the smooth roll out of Travel Rule compliance, all in line with global and local regulations.

In a recent tweet on X Notabene welcomed the opportunity to comment on Qatar’s proposed digital assets regulatory rules consultation paper.

Notabene noted that they applaud the Qatar Financial Centre (“QFC”) Regulatory Authority (“Regulatory Authority”) and the Qatar Financial Centre Authority (“QFC Authority”) for taking the time to put together a comprehensive framework for digital assets.

Notabene added,” The process undertaken by both the QFC Regulatory Authority and QFC Authority to solicit public engagement on this important topic and welcome the opportunity to be part of the ongoing dialogue.”

Notabene, the crypto industry’s y pre-transaction authorization decision making platform, helps to identify and stop high-risk activity before it occurs. The platform offers a secure, holistic view of crypto transactions, enabling customers to automate real-time decision-making, perform counterparty sanctions screening, identify self-hosted wallets, conduct VASP Due Diligence, and complete the smooth rollout of Travel Rule compliance, in line with global regulations.

According to Notabene only Travel Rule compliance gives VASPs transaction-level counterparty and sanction insight, allowing them to recognize if their clients are sending transactions to sanctioned entities, wallets, or jurisdictions. VASPs worldwide are in different stages of compliance, which leaves many companies vulnerable to exposure to sanctioned individuals.

In its comment to Qatar’s consultation paper, Notabene states, “In particular, strict compliance with the Travel Rule is a prerequisite for VASPs to obtain licenses in these jurisdictions. We recommend that the QFC Regulatory Authority take the same approach. The ideal way to avoid dealing with non-compliance after settlement and its associated challenges is to ensure both TSPs assess and approve the
transaction before the Originator TSP executes it. This is in line with FATF’s recommendations.”

Qatar recently released its digital assets framework requesting feedback on it by January 2nd 2024.