Distributed Ledger Technology Guideline

Regulating the use of Distributed Ledger Technology by QCB Licensed Entities

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Part A - General Provisions

Article 1 - Short Title & Commencement

The instructions set forth herein are titled the “Distributed Ledger Technology (DLT) Guideline” for 2024 and shall enter into force as of 22/07/2024.

Article 2 - Definitions

For the purpose of this guideline, the following terms are defined as follows, unless the context otherwise suggests:

S. No.

Term

Explanation

1

Blockchain

A form of DLT where transactions are recorded in blocks of data.

2

Consensus

Mechanism

Set of rules used in a DLT environment to find agreement on the current status of the ledger at a specific point in time.

3

Customer

Any natural or legal person who receives services from a DLT Participant.

4

Distributed Ledger

Database where records can be synchronized and updated by a set of Participants, with no need for the central database management system used to validate such updates in traditional databases.

5

Distributed Ledger Technology (DLT)

Network