Qatar bans Crypto Asset Services

Qatar bans Crypto Trading – According to a recent report from the news outlet International Investment, the Qatar Financial Centre (QFC) Regulatory Authority has said that “Virtual Asset Services may not be conducted in or from the QFC at this time.”

The services include fiat-to-crypto and crypto-to-crypto trading, custody, and financial services related to virtual assets, per the report.

Specifically, the regulator has said that the ban includes “anything of value that acts as a substitute for currency, that can be digitally traded or transferred and can be used for payment or investment purposes.”

It is not clear the QFCRA has taken this move.

Digital forms of securities or of other financial instruments that are regulated by the Regulatory Authority, the Qatar Central Bank or the Qatar Financial Markets Authority are still allowed.

Cryptocurrency firms have been shutting down all over because of stricter anti-money laundering regulations.

Although some EU Member States, including Germany, Italy and the Netherlands are expected to transpose the 5AMLD into law by the 10 January deadline, others are resisting the directive. The UK has undertaken to implement the 5AMLD, despite Brexit.

Related Posts