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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
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