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 Regulatory Authority affirms that Virtual Asset Services may not be conducted in or from the QFC. pic.twitter.com/zBamUzrNi8

— Regulatory Authority (@QFCRA) December 26, 2019

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.

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.”

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.

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