The Qatari regulator no longer authorizes services related to cryptocurrencies offered in or from Qatar Financial Center.
The QFC Regulatory Authority has set up a prohibition for the crypto services, including trading platforms and wallet providers, offered in or from Qatar Financial Center (QFC).
“Virtual asset services are not allowed in or from QFC at the moment,” announced the regulator in a statement posted on Twitter.
The QFC is a financial center with its own legal, regulatory and fiscal infrastructure. It aims to attract businesses and promote the economic development of the country.
Compared to its neighbors, notably Saudi Arabia, the small Arabian peninsula of 2.6 million inhabitants has not so far shown itself to be hostile towards cryptocurrency.
The regulator specifies that the ban includes “any valuables that replace money, which can be traded or transferred digitally and can be used for payment or investment”.
The digital forms of securities and financial instruments regulated by the QFCRA, the Central Bank of Qatar or the Qatar Financial Markets Authority remain nevertheless authorized.
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