Qatar’s Cabinet has approved a draft law that would extend the Qatar Financial Markets Authority’s (QFMA) oversight to digital securities and to activities that take place outside the exchange.
The draft amends certain provisions of Law No. 8 of 2012 concerning the QFMA. The Cabinet referred it to the Shura Council, the country’s advisory legislative body, the Qatar News Agency reported on Wednesday.
Sheikh Saoud bin Abdulrahman bin Hassan Al-Thani, Deputy Prime Minister and Minister of State for Defense Affairs, chaired the weekly meeting at the Amiri Diwan.
The QFMA prepared the draft in coordination with other government bodies. Ibrahim bin Ali Al Mohannadi, Minister of Justice and Minister of State for Cabinet Affairs, said it forms part of an effort to update the legal framework for capital markets as financial products and instruments change quickly.
What the draft changes
The amendments would bring investment funds and collective investment schemes under a single regulatory framework supervised by the QFMA.
They would also strengthen the authority’s tools for dealing with violations and restructure the penalties for capital market offenses.
The government said the changes aim to improve investor protection and reinforce disclosure, transparency and fair trading.
The statement did not give a timetable for the Shura Council’s review or for the law to take effect.
Regional context
The move follows steps by other Gulf financial centers to set rules for digital assets. On Wednesday, Abu Dhabi Global Market published guidance that treats crypto mining as a licensable commercial activity.
The QFMA is the regulator of Qatar’s capital market, which includes the Qatar Stock Exchange.
