Doha, May 12 (QNA) - Qatar Financial Markets Authority (QFMA) is planning to issue a draft regulation on AI use in Qatar's financial market.

In a statement to Qatar News Agency (QNA), Acting Director of Securities Offering and Listing Affairs Department at QFMA Ali Beraik Shafeea said AI currently presents both opportunities and challenges for regulatory authorities. He noted that it is essential to understand this technology to regulate its use.

The regulatory authority has projects to regulate the use of AI in the State of Qatar, with the first draft regulation for its usage expected to be issued soon, he said.

This came on the sidelines of the 50th Annual Meeting of the International Organization of Securities Commissions (IOSCO), taking place in Qatar from May 12 - 14.

Shafeea added that Qatar's hosting of the IOSCO - which regulates 95 percent of the world's securities markets - is a milestone and boosts investor confidence in the Qatari capital market.

He added that several projects will be discussed, including capacity building for countries in need of legislative and technical support, financial sustainability, how to invest in an environmentally friendly manner, and topics related to financial technology.

Shafeea also highlighted QFMA's 63-initiative strategy (2023-2027) and its 98- initiative financial sector strategy, to regulate new financial products, including AI. (QNA)