We have all been aware of the ban of crypto trading on Monday 16th of january, it seems that Qatar, a Middle East country with a population of over 2.5 million, has banned cryptocurrency trading.
According to a statement shared with The Block by the Qatar Financial Centre (QFC) Regulatory Authority, the regulator has said, “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 statement.
The list of what you cannot do in Qatar is: the transfer of cryptos, the custody and administration of crypto currencies and any financial instruments tied to digital assets. However, all digital forms of securities as well as other financial instruments under the regulator or the Qatar Central Bank are still legal.
“The Qatar Financial Markets Regulator has yet to release a statement regarding the ban.”
This decision is hard to understand when, on the other side, other Middle East countries are embracing crypto currency use. For example, Bahrain is working to remove all restrictions for companies operating within the field of digital currencies, in order to facilitate the installation of blockchain firms in the country
Written by: Laetitia Project Manager