Qatar Implements Complete Ban on Crypto Trading

Posted on Jan 6, 2020

The Qatar Financial Centre Regulatory Authority (QFC) have revealed that a blanket ban has been placed on cryptocurrency trading and any service involving the use of a digital asset as a payment method. Citizens of Qatar will face legal penalties if they partake in; the buying or selling of cryptocurrencies with fiat money, trading cryptocurrencies in various forms and owning or storing cryptocurrencies. The statement released by the QFC did not include any information on why the ban has taken place, however the most probable cause is that the nation remains hostile towards any asset that they believe could ‘substitute' the national currency. Previously, Qatar had placed a ban on Bitcoin trading as they labelled it “highly volatile” and expressed concern with the linked possibilities of cyber attacks and financial crime.