The United Arab Emirates has been very quick to establish local rules on cryptocurrencies, which has led to many popular cryptocurrency company either moved its headquarters here or opened an office. Clear rules, moderate approach, since we are in the early stages crypto money It’s something that companies are looking for. Considering the US’s efforts to discipline the sector through sanctions, what countries like the UAE and Qatar are doing becomes even more important.
Qatar Cryptocurrency Rules
UAEDubai had developed local rules specific to the trade center. Qatar also says “come to us if you are looking for a new home” to cryptocurrencies through the Qatar Financial Center, a special economic zone in its capital Doha. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The new rules were announced as the “QFC Digital Assets Framework 2024”. This regulation, called the Digital Assets Framework, eliminates uncertainty on many issues. So, what issues are addressed?
- Tokenization
- Property rights in tokens
- Rules regarding custody services
- Transfers
- Swap
Qatar Wants to Become a Crypto Hub
When we go into the details of the rules, we see token issuance and especially RWA We see that there is a wink in the field. This situation seems to have been done specifically to trigger the desire of companies to establish headquarters in the region. The UAE has made a significant contribution to its economy with rules targeting companies and will reap the fruits of this in the future. Qatar has also joined the countries that did not delay in the process and took action at an early stage.
The QFC statement includes the following;
“This framework sets high standards for the asset tokenization process and introduces a reliable technology infrastructure that will build trust and confidence among consumers, service providers and industry stakeholders. Following the launch of the QFC Digital Assets Framework 2024, companies can now apply for licenses to conduct token service provider activities.”
The legislation, which emerged as a result of extensive consultations with 37 different local and international organizations, is a step in Qatar’s “Third Financial Sector” strategy. Qatari authorities see innovation in this area as a major opportunity for growth, even allowing up to 100% foreign ownership. While companies only pay 10% tax on their profits, they are exempt from things like the Qatari partner requirement, which is a great advantage for them.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
