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Update on Virtual Assets and Cryptocurrencies in Qatar - Fin Tech - Qatar


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    20 January 2023

    Sultan Al-Abdulla & Partners

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    Qatar Central Bank ("QCB") issued a statement warning against dealing with unlicensed financial institutions and service providers. The warning came in response to several news outlets publishing articles stating that a new crypto-exchange platform was operating in Qatar, and that Qatari citizens and residents could link their Qatari bank accounts to the exchange for the purposes of buying and selling cryptocurrencies.

    The news appeared to contradict previous statements by QCB and Qatar Financial Centre Regulatory Authority to the effect that trading in virtual assets and cryptocurrencies is prohibited. In its statement, QCB said that it was aware of advertisements being spread from time to time on various social media platforms by unlicensed financial institutions and service providers to promote their unlicensed activities. The statement further explained that QCB is the only regulatory and supervisory authority authorised to issue licenses for the provision of any financial services in the State of Qatar under the provisions of the QCB Law (Law No. 13 of 2012).

    Update Regarding Virtual Assets and Cryptocurrencies in Qatar

    The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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