Qatar's financial regulator bans cryptocurrency trading in the country

The Qatar Financial Center Authority has imposed a ban onprovision of services in the field of virtual assets in the country.

The ban applies to the exchange of fiat currencies forcryptocurrencies, as well as the exchange of cryptocurrencies among themselves, the transfer of cryptocurrencies, the provision of storage services and other services related to cryptocurrencies. Regarding cryptocurrencies, the regulator considers "everything that has value and can be a substitute for a currency, bargain or be transmitted digitally and used to make payments or investments."

At the same time, securities remained legaldigitally, as well as other financial instruments that are administered by government agencies, such as the Office of State Regulation and Control, the Central Bank and the Office of Financial Market Control of Qatar. The publication does not say why the regulator decided to make such a decision and what it is based on.

Last November, deVere CEO Nigel Green noted that a new round of growth in the cryptocurrency market could be related to the spread of digital assets in the UAE.

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