Qatar

Tokens yes, crypto no: Qatar licenses tokenisation of real assets in the QFC but still bars cryptocurrencies and stablecoins.

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Licences

What it takes to operate in Qatar: 2 licences, who issues each, what it covers and who holds one.

QFC token service provider licence

QFCA · QFC Digital Asset Regulations 2024, Article 18

Validation, token generation, token custody, operating a token exchange and token transfer services for permitted tokens in or from the QFC; crypto and stablecoins are excluded.

What it takes

QFC entity licensed by the QFCA for each token service it provides
Only permitted tokens that represent a right in real property or financial products
Separation of services to avoid conflicts where one entity holds several licences
Technology governance, security testing and audits under the TSP Guidelines

No public count

QFCRA authorisation for investment token activities

QFCRA · QFC Financial Services Regulations; Investment Token Rules 2024

Regulated activities in tokens representing securities, derivatives or Islamic financial contracts, including operating an investment token exchange and clearing and settling token trades.

What it takes

Authorisation for the underlying regulated activity, as for the non-tokenised investment
Compliance with QFCRA conduct, customer protection and AML/CFT rulebooks
No activity in excluded tokens such as cryptocurrencies or stablecoins

No public count

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