News

Qatar issues crypto clampdown

Crypto exchangeThe financial regulator in Qatar has announced a ban on all digital asset services as part of a clampdown on cryptocurrencies. The Qatar Financial Centre Regulatory Authority (QFCRA) issued a statement declaring that “virtual asset services may not be conducted in or from the QFC at this time”. Qatari citizens are consequently prohibited from trading any alternative to traditional fiat currencies. According to the regulator’s statement, the ban covers "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". The move also prohibits the safekeeping or administration of virtual assets. Digital securities regulated by the QFCRA or central bank have been exempted from the ban. Digital assets have come under greater regulatory focus in recent weeks around the world, including Europe, where tighter rules on anti-money laundering for digital assets are set to be introduced. ©2020 funds global mena

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