Qatar Communications Regulatory Authority has launched a national consultation paper called the “National Blockchain Blueprint for Qatar”.
The paper was collaboratively developed by CRA, Hamad Bin Khalifa University, and Qatar University.
The consultation paper will establish the blueprint for the blockchain framework in Qatar. It identifies key elements such as regulations, adoption, innovation and creativity. It also identifies the key blockchain requirements.
The National Blockchain Blueprint highlights how blockchain technology can contribute to building an innovative and growing IT sector in Qatar by increasing domestic and foreign investment as stated in the CRA Strategy 2021-2025, to support Qatar National Vision 2030 (QNV) and Qatar National Development Strategy, as well as to enabling a seamless transition towards smart Qatar.
The blueprint examines the most prominent opportunities that blockchain could bring to various governmental and business sectors. It also outlines the necessities and incentives that must be provided by each sector for the technology adoption that contribute to emerging start-ups, pilot projects and new companies.
“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,” said Ali Al Suwaidi, Technical Affairs Department Director, CRA.
He adds, “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.”
As per the consultation paper, In Qatar, the key governmental stakeholders that should be involved in regulating Blockchain are Qatar Central Bank (QCB) for cryptocurrencies and financial transactions, as well as ICO offerings, the Qatar Development Bank regulating investment related activities and providing incentives for blockchain.
In addition government entities also to be involved are the Ministry of Communications and Information Technology (MCIT) with its Innovation Centre for blockchain technology; Ministry of Justice, to formulize the legal framework, and the National Cybersecurity Agency, for data classification and cyber security.
The consultation paper among other recommendations, recommends establishing a country-wide initiative in the form of a government-led consortium with wide involvement from the private sector to kick-off the creation of country strategy as well as initiate and coordinate the regulatory activities.
Qatar also wants to establish a high-performance cloud-based blockchain platform to accelerate and facilitate prototyping and testing, with priority given to pilot projects and start-ups
Stakeholders and concerned parties can submit their related views and comments by emailing nbbconsultation@cra.gov.qa, by not later than Thursday, September 15, 2022.
