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Digital Assets Framework
In September 2023, the QFCRA issued a public
consultation on proposals to introduce a Digital
Assets Regulatory Rules Framework. The
framework was developed to set out a legal and
regulatory framework for digital assets through the
establishment of a tokenisation framework in the
QFC. The consultation provided extensive feedback
and collaboration with industry stakeholders.
In September 2024, the Qatar Financial Centre Authority
(QFCA) and QFCRA announced the commencement of
the QFC Digital Assets Framework. The framework in
the QFC achieves an important goal under the 3FSS.
The finalised QFC Digital Assets Framework sets out a
comprehensive and innovative regime for the creation
and regulation of digital assets. It establishes the legal
and regulatory foundation for digital assets, including
the process of tokenisation, legal recognition of property
rights in tokens and their underlying assets, custody
arrangements, transfer, and exchange. The framework
also provides for the legal recognition of smart contracts.
The framework will ensure a secure and transparent
digital asset ecosystem in the QFC, in line with
the highest international standards and best
practices. The framework sets high standards
for the process of asset tokenisation and puts in
place a trusted technology infrastructure that will
ensure trust and confidence among consumers,
service providers and industry stakeholders.
T ABLE OF C ONTENT S
Banking Business and Governance and Controlled Corporate Sustainability
Islamic Banking Business Functions Rules Reporting
Prudential Rules
In March and June 2024, the QFCRA issued two public In December 2024, the QFCRA issued a public
consultations on proposals to update the Governance consultation on proposals to introduce corporate
The QFCRA published a series of public consultations
and Controlled Functions Rules 2020 (CTRL). In that sustainability reporting rule amendments to the
in June 2021 and December 2021 to amend
connection, the proposed amendments to CTRL were General Rules 2005 (GENE). The proposals have
the Banking Business Prudential Rules 2014
primarily designed to introduce new requirements been developed to align with the International
(BANK) and in December 2023, a consultation
to address the growing level and complexity of Sustainability Standards Board (ISSB) standards,
to significantly update the Islamic Banking
operational risks facing authorised firms, as well specifically the IFRS S1 General Requirements for
Business Prudential Rules 2015 (IBANK).
as placing a heightened regulatory focus on their Sustainability-related Disclosures (IFRS S1) and
operational resilience in the event of disruptions. IFRS S2 Climate-related Disclosures (IFRS S2).
In that connection, the significant upgrades to BANK
and IBANK were designed to materially align with the
Following the public consultations, the updated CTRL The QFCRA understands that a key aspect of introducing
Basel Accords framework as set out in the standards
were approved in September 2024 and will commence these requirements rests on the need for industry
published by the Basel Committee on Banking
on 1 October 2025 to allow authorised firms sufficient capacity building to support effective implementation
Supervision (BCBS) and the Islamic Financial Services
time to prepare for and meet the new requirements. of the standards. In that connection, the QFCRA
Board (IFSB) prudential standards. The key areas of
In addition, the QFCRA held a town hall meeting for also published draft guidance as part of the public
focus for the rule amendments concerned revised
authorised firms and market practitioners to focus on consultation to provide an educational overview of how
approaches to credit risk, counterparty credit risk as
the operational resilience aspects of the updated CTRL. to start the journey in applying IFRS S1 and IFRS S2.
well as new requirements related to the credit risk
management framework, the prudential treatment
In addition, the work to develop the corporate
for equity investment in funds, the classification and
sustainability reporting framework is also a key
allocation of items between the banking and trading
initiative under the 3FSS and is being coordinated and
books, the large exposures framework and guidance on
led by the QCB through a working group consisting
the categorisation of problem assets and provisioning.
of the QFMA and QFCRA. This coordinated approach
aims to ensure that corporate disclosure reporting
The revised BANK and IBANK Rules commenced
requirements for companies regulated by all three
in July 2024.
regulatory authorities will be introduced in 2025.