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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.”