The digital property trade is increasing globally, with blockchain and cryptocurrency-related companies on the rise. In a brand new improvement, Qatar has made a transfer to draw Web3 builders to determine their operations within the nation. The Qatar Monetary Centre (QFC) in Doha has launched the ‘Digital Belongings Lab’ to facilitate the event, testing, and commercialization of Web3 providers. First introduced in October 2023, the QFC—an onshore monetary and enterprise hub—goals to place Qatar as a key participant within the evolving digital economic system.
Yousuf Mohamed Al-Jaida, the Chief Govt Officer of the QFC Authority confirmed the event this week.
The QFC has screened and chosen 24 members to spearhead Web3 improvement by means of its Digital Belongings Lab initiative. Among the many cohort are Polygon, Partior, and ALT Realtech, who’ve been tasked with growing blockchain-based solutions tailor-made to their respective industries.
“The applied sciences we goal to develop by means of the Lab will help our aim of making a resilient and safe monetary sector, fostering a thriving wealth administration hub, and positioning Qatar on the forefront of innovation,” Al-Jaida mentioned.
The QFC has additionally partnered with worldwide organizations, together with Google Cloud, The Hashgraph Affiliation, and R3, to supply trade experience and insights to builders. Moreover, the enterprise improvement facility gives a variety of providers for rising companies, comparable to tax help, complete employment requirements, immigration providers, and information safety rules, making it a lovely hub for these seeking to set up operations in Qatar.
Notably, whereas Qatar embraces sure facets of blockchain-based Web3 expertise, it maintains a cautious stance towards cryptocurrencies. In January 2020, the Qatar Monetary Centre (QFC) Regulatory Authority applied a ban on all crypto asset providers inside the Gulf area. As per a recent report by the Doha Information, this ban on cryptocurrencies will proceed in Qatar for the foreseeable future.
Qatar’s cautious strategy towards cryptocurrencies stems from their speculative and risky nature, in addition to the potential dangers they pose to monetary stability. Nonetheless, the nation is eager to discover blockchain use circumstances to modernize sectors comparable to actual property and bonds, in keeping with a report by Doha Information.
© Thomson Reuters 2024
