15 Hrs
Source:
الشرق
Justice: 5-year jail and fine for property code breach
The Qatari government has decided to organize and digitize real estate properties using distributed ledger technology, with the aim of enhancing the reliability of the property registry and facilitating the trading of digital property tokens. The new system involves converting property ownership into secure, tradable tokens, backed by guarantees such as proper registration, freedom from disputes, and comprehensive insurance. Tokenization will diversify real estate investment opportunities, increase liquidity, and promote transparency and trust, supported by strict regulatory measures and penalties of up to five years in prison and fines of up to five million Riyals for trading records unlawfully or conducting activities without a license. The project seeks to attract both local and foreign investments, expand investor participation, and achieve full digitalization of the property registration and trading process in Qatar.
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