Qatar’s QFC Regulatory Authority Shuts Down All Cryptocurrency Trading and Services


Qatar’s Financial Center Regulatory Authority (QFCRA) has announced on December 26 that the Qatar Financial Center (QFC) can no longer conduct in and out virtual asset services. The announcement was made through a tweet saying,

The QFC Has $20 Billion In Total Assets in Management

The QFC is a financial center that operates as a business in Qatar. It was created to help with the economic development of the country. As the QFC official website says, it manages $20 billion in total assets from more than 500 firms.

Qatar is Taking a Hard Stand on Crypto

The QFCRA calls virtual asset services any exchange between cryptocurrencies and fiat, also any transfer of crypto assets, administration and safekeeping of virtual assets or management tools. Included in this category are also the provision or participation of virtual assets-based financial services.

According to an Al-Watan report, Qatar has adopted all the Anti-Money Laundering and Counter-Terrorist Financing regulations. This is what Qatar’s central bank’s governor, Sheikh Abdullah bin Saud Al Thani commented about the adoption of these new rules:

“The State of Qatar affirms that fighting money laundering and terrorist financing requires a strict and effective regulatory and legislative framework, whereby the powers and responsibilities of both government agencies and relevant ministries are defined in relation to combating money laundering and terrorist financing.”

India Also Banned Crypto-Related Services

Some countries such as Switzerland are very open to the possibility of digital assets. However, other nations see these assets as threatening to their monetary sovereignty, so they’re very harsh when it comes to them. For example, India’s central bank has banned the country’s financial institutions from providing crypto services, whereas China has a ban on domestic crypto exchanges ever since September 2017.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide