The Qatar Financial Centre (QFC) Regulatory Authority released a statement addressing the ban last week, revealing that “virtual asset services may not be conducted in or from the QFC at this time”.
Qatari citizens are now banned from trading anything which could serve to replace traditional fiat currencies or be used for digital payments.
The ban also encompasses the conversion of digital assets into fiat, exchanges between one or more types of virtual assets, and the safekeeping and administration of virtual assets or instruments enabling control over them.
Digital securities or other financial instruments which are currently regulated by the QFC Regulatory Authority, Qatar Central Bank, or the Qatar Financial Markets Authority do not fall under the ban, reports International Investment.
Qatar is not the only nation to take a stricter stance on cryptocurrencies this month.
On January 10 2020, the European Union (EU) will implement a new law – known as the EU Fifth Anti-Money Laundering Directive (5AMLD) – which requires cryptocurrency platforms and wallet providers to identify their customers for anti-money laundering purposes.
Some countries such as Germany, Italy, and the Netherlands are expected to implement the 5AMLD law by the deadline this week, but other nations are resisting it.
The United Kingdom has decided to implement the law despite its decision to leave the EU.
Coin Rivet has contacted the QFC Regulatory Authority for a comment, but a response has yet to be received.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.