Following Dubai’s wholehearted embrace of the disruptive technology, the Gulf states are positioning themselves into a pillar for the global Blockchain industry. With this approach seemingly unhampered by Crypto Winter, Qatar has announced its own National Blockchain strategy.
Qatar’s National Blockchain strategy:
Debuting in the form of a national consultation paper launched by The Communications Regulatory Authority, the “National Blockchain Blueprint for Qatar” was developed by the CRA itself in partnership with the Hamad Bin Khalifa University and the Qatar University. The latter has gone one step beyond by announcing its own venture into the Metaverse, a technology fundamentally grounded in Blockchain technology.
In terms of structure, the National Blockchain Blueprint is subdivided into several pillars such as regulation, adoption, innovation and creativity whilst also highlighting the ideal criteria to allow for proper integration. A point of importance would be how the Blueprint notes that Blockchain could have a powerful role in empowering Qatar’s IT sector by increasing domestic and foreign investment. The document examines use-cases in both the private and the public sector, with each sector being given a specific focus idiosyncratic to the needs and potential of said field.
Ali Al Suwaidi, Technical Affairs Department Director of the CRA, elaborated that:
The National Blockchain Blueprint highlights how blockchain technology can contribute to building an innovative and growing IT sector that contributes to increasing domestic and foreign investment, which supports Qatar National Vision 2030 and Qatar National Development Strategy
He also noted the needs for a rational and proactive approach to regulation and thanked the other parties to the creation of the Blueprint for their pertinent advice and contributions.
The regulation is important to protect users and provide the adequate legal framework that allows blockchain innovation and adoption. I would like to thank Hamad Bin Khalifa University and Qatar University for all their efforts and cooperation in developing this blueprint and we look forward to our further collaboration in the future.
National Blockchain strategy: The Recommendations
The consolation paper noted several key national stakeholders that would be involved in direct regulation. These include the Qatar Central Bank (QCB) in terms of cryptocurrency, financial transactions and ICO offerings and the Qatar Development Bank who would be in charge of regulations pertaining to investments and incentives.
Beyond these two key players, the paper indicated that the Ministry of Communication and Information Technology (MCIT) and especially its Innovation Centre for Blockchain technology, the Ministry of Justice and the National Cybersecurity Agency will all have their part to play in the coming regulatory framework.
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