Report: Qatar Prohibits Cryptocurrency Trading

Qatar, the Middle East nation with a populace of more than 2.5 million, purportedly have prohibited digital currency trading. 

As indicated by a report from the news outlet International Investment, the Qatar Financial Center (QFC) Regulatory Authority has stated that “Virtual Asset Services may not be conducted in or from the QFC at this time.” 

The services include custody, fiat-to-crypto and crypto-to-crypto trading, and financial services identified with digital assets, according to the report.

In particular, the watchdog has stated that the ban incorporates “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 isn’t clear why the QFCRA has taken this route. Coinwire is waiting for an official statement and will update this in case there’s clarity in the matter.

In 2018, Qatar’s central bank stated that bitcoin trading is unlawful in the nation. “This cryptocurrency is highly volatile and can be used for financial crimes and electronic hacking as well as risk loss of value because there are no guarantors or assets,” it stated at the time.