Cryptocurrency adoption has hit a roadblock in Qatar. According to a tweet from the Qatar Financial Centre Regulatory Authority (QFCRA), the crypto-related business cannot be handled in or from the Qatar Financial Centre (QFC).
“All authorized firms are not currently permitted to provide and/or facilitate the provision of Virtual Asset Services or otherwise exchange, trade or deal in Virtual Assets, until further notice”
The QFCRA also adds that there shall be penalties meted out on any entities that violate the prohibition. However, no specific penalties were announced.
For clarification, the QFCRA’s announcement specifies exactly what a virtual asset is. The definition describes it as “anything of value” that can be used to substitute fiat. It also states that the definition involves anything that fits the category and can also be digitally traded or transferred.
Furthermore, it describes Virtual Asset Services as to any operations that involve some specific activities. These activities include the exchange of virtual assets for fiat currencies and vice versa. It also includes exchanging one type of virtual asset for another, and pretty much any other type of virtual asset transfers.
The Qatar Financial Centre, according to its website, is a business and financial centre that was created specifically to advertise the country as an “attractive business destination.”
India is also looking to put a blanket ban on crypto. Reactions to that have been unfavourable.
Image Credits: Pixabay
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