Qatar Financial Centre’s Digital Assets Lab goes live after almost a year
The digital assets industry is expanding globally, with blockchain and cryptocurrency-related companies on the rise. In a new development, Qatar has taken a step towards attracting Web3 developers to base their operations in the country. The Qatar Financial Centre (QFC) in Doha has launched the ‘Digital Assets Lab’ to facilitate the development, testing and commercialisation of Web3 services. First announced in October 2023, the QFC is an onshore financial and business hub and aims to position Qatar as a key player in the evolving digital economy.
Yousuf Mohamed Al-Jaida, the Chief Executive Officer of the QFC Authority confirmed the development this week.
The QFC has screened and selected 24 participants to lead Web3 development through its Digital Assets Lab initiative. The cohorts include Polygon, Partior and ALT Realtech, who have been tasked with developing blockchain-based solutions tailored to their respective 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 putting Qatar at the forefront of innovation,” Al-Jaida said.
The QFC has also partnered with international organisations including Google Cloud, The Hashgraph Association and R3 to provide industry expertise and insights to developers. In addition, the business development facility offers a range of services for emerging businesses, such as tax support, comprehensive labour standards, immigration services and data protection regulations, making it an attractive hub for those looking to establish a presence in Qatar.
Notably, Qatar has embraced aspects of blockchain-based Web3 technology, but has taken a cautious approach to cryptocurrencies. In January 2020, the Qatar Financial Centre (QFC) Regulatory Authority imposed a ban on all crypto asset services in the Gulf region. According to a recent report According to Doha News, this ban on cryptocurrencies in Qatar will remain in effect for the time being.
Qatar’s cautious approach to cryptocurrencies stems from their speculative and volatile nature, as well as the potential risks they pose to financial stability. However, the country is keen to explore blockchain use cases to modernize sectors such as real estate and bonds, according to a report from Doha News.
© Thomson Reuters 2024
