(MENAFN- The Peninsula)
Joel Johnson
|
The Peninsula
Doha, Qatar: Qatar financial Centre announced the launch of the QFC 'Digital Assets Lab' framework last month, aiming towards an innovative governance for the creation and regulation of digital assets. The initiative is anticipated to provide significant opportunities and establish a comprehensive regulatory environment within the financial market.
In an exclusive interview with The Peninsula, Aditya Kumar Sinha (pictured), Head of FinTech and Digital Innovation at QFC remarked that the Digital Assets Lab is a pivotal step in positioning Qatar as a leader in global digital economies.
He said:“By creating a robust regulatory framework and establishing the QFC Digital Assets Lab, we are fostering innovation in blockchain, tokenization, and other emerging technologies. This initiative not only attracts global talent and investment but also enhances Qatar's competitiveness by integrating digital assets into various sectors such as finance, real estate, and trade.”
The Digital Assets Lab is expected to bolster startups and emerging projects by offering clear regulations, and access to innovative tools and expertise through this initiative. The official mentioned that“This allows participants to experiment, innovate, and bring solutions to the market with confidence. This strategy also encourages collaboration between local and international players, fostering a thriving ecosystem that promotes digital transformation across various industries.”
The platform enabling startups to enhance test and commercialise digital asset solutions in a“controlled environment” allows companies to navigate the complexities of digital finance with regulatory guidelines in addition to accessing resources including legal, technical, and financial expertise.“For Startups, this enables doors to innovation, and collaboration opportunities, empowering them to scale quickly within a supportive ecosystem,” Sinha said.
Recently, the QFC announced twenty-seven participants, a cohort of a diverse mix of international and local firms, who successfully cleared the meticulous screening process.
These companies are granted access to a physical location, technical support, and mentorship through strategic partnerships including R3, Google Cloud, The Hashgraph, and Mashraf Al Rayyan.
Noting the strategic collaboration with tech giants like Google Cloud, the executive said that it reinforces the ability to offer organisations advanced tools, infrastructure, and expertise to scale digital asset solutions.
Sinha said,“We expect these partnerships to result in groundbreaking innovations in areas such as blockchains, and cloud computing, ultimately driving digital transformation across industries.”
He added,“The collaborations also help companies in the lab accelerate product development, enhance security, and ensure regulatory compliance.”
The QFC Digital Assets Lab has been made possible with the support of key stakeholders including Qatar Central Bank and various other institutions nationwide.
As part of its ongoing efforts to support startups and emerging projects, QFC supports innovation and attracts global investments by creating a comprehensive ecosystem that adds to the country's growing economy.
By playing a major role in the digital assets and fintech industry and aligning with Qatar's national strategic vision and central bank's fintech strategy, QFC continues to drive the nation's transition to a knowledge-based economy.
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