“In line with the Third Financial Sector Strategy issued by the Qatar Central Bank, the QFC Authority and the QFC Regulatory Authority had launched the QFC Digital Assets Framework, a comprehensive and innovative regime for the creation and regulation of digital assets in the QFC, paving way for companies to offer token services. At the Fifth Qatar Economic Forum, powered by Bloomberg, the then QFCA chief executive officer Yousuf Mohamed al Jaida had said the first asset class that it would like to address was real estate as there is a lot of oversupply in the market, also solving a significant problem. The real estate industry is on the verge of a major transformation, supported by technology. The tokenisation leverages blockchain technology to create digital tokens representing ownership in real estate assets. The development of the digital assets framework, which is one of the important goals established by the Third Financial Sector Strategic Plan, provides not only legal recognition of smart contracts but also establishes legal and regulatory foundation for tokenisation, a key tool to protect sensitive data. In a report, generated in partnership with Global Stratalogues and the Global Blockchain Business Council, the QFC had underscored the need for coordinated, forward-looking regulatory frameworks and multi-stakeholder co-operation to unlock the full potential of real-world asset (RWA) tokenisation.
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