Cryptocurrency Trading in Qatar is Sunk – Cryptocurrency Regulation

Qatar has taken a major step against cryptocurrency trading within the nation.

The Qataris will soon lose access to cryptocurrency trading.

According to reports from Qatar Financial Center, the country’s financial watchdog, the nation decided to ban all cryptocurrency-related activities. The report reads, “Virtual Asset Services won’t be conducted from the QFC at this time.”

Also, the regulatory agency explicitly said the ban covers all the commodities of value that substitute fiat. And are digitally traded.

“Anything of value that acts like a substitute for currency, also digitally tradeable or transferrable. Also, useful for payment or investment purposes,” the watchdog emphasizes.

What does “Virtual Asset Services” mean?

The regulatory body said the term encompasses:

• exchange between virtual assets and fiat currencies, between one or more forms of virtual assets;
• transfer of virtual assets, safekeeping and/or administration of virtual assets or instruments enabling…