DOHA: In line with the Third Financial Sector Strategy, the FinTech Strategy, and Qatar Central Bank's endeavour to regulate and develop the financial sector and enhance the FinTech ecosystem in the country, Qatar Central Bank has issued the 'Distributed Ledger Technology (DLT) Guideline'aimed at regulating the use of DLT in the financial sector.
By issuing this guideline, Qatar Central Bank aims to establish an appropriate regulatory framework for financial institutions in the country in order to develop smart solutions as the Distributed Ledger Technology (DLT) provides the opportunity for financial institutions to develop their services in various ways.
DLT provide a transparent and secure platform for recording transactions, enabling instant settlement and reducing the need for intermediaries. Its benefits include increased efficiency, lower costs, enhanced transparency, and improved security, ultimately streamlining processes and fostering greater trust in the financial sector.
The Qatar Central Bank affirms its ongoing endeavour to provide outstanding initiatives that help create a favourable environment for the financial technology sector in the country to grow as this guideline supports the financial sector development in line with Qatar's Third National Development Strategy deemed to be the final stage towards achieving Qatar National Vision 2030, which aims to build a digital economy while stimulating the widespread adoption of technology and encouraging technological innovations in various areas, including the financial sector.
The guideline can be viewed on Qatar Central Bank's official website (https://www.qcb.gov.qa)