Cryptocurrency services blocked by Qatar

Tuesday 7 January 2020 11:29 CET | News

Qatar’s Financial Centre, the nation’s regulatory authority, has issued a blanket ban on cryptocurrency-related services in the Gulf nation.

This prohibition covers both cryptocurrencies and ‘anything of value’ that could substitute traditional fiat currencies, Cryptopotato relates, but it does not cover digital forms of securities or other financial instruments that are thoroughly regulated by the Regulatory Authority or the other governing bodies, such as the Qatar Financial Markets Authority and the Qatar Central Bank.

As such, companies that deal with cryptos have been shutting down because of the particularly strict AML regulations. However, Qatar is not the only country to tighten its stance on cryptocurrencies, since companies who deal with cryptocurrencies and related services in the European Union will also have to comply with the 5AMLD directive that comes into effect on 10 January.

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Keywords: Qatar, cryptocurrency, 5AMLD, fiat currency, regulations, money laundering, financial instruments, security
Categories: DeFi & Crypto & Web3
Countries: Qatar
This article is part of category

DeFi & Crypto & Web3