Cryptos and Derivatives Banned in Qatar

News / 06.01.2020

Qatar Financial Centre, QFC, says Qatar residents can no longer utilize any virtual asset, including cryptos, this year. The new law bans whatever is of value, acting as a substitute for currency, capable of getting traded or transferred digitally, and usable for payment or investment purposes.

There will be no promotion of any invention within the features above, even if they are not blockchain-based. For instance, gift cards and coupons have the characteristics described by the new law. In this case, the law may bring further confusion for businesses.

More About the New Qatar Crypto Prohibition Law

The new law does not allow crypto-to-crypto operations, and the residents cannot purchase, store, or sell digital currencies not backed by the government. Besides, all financial services associated with cryptos have come to an end. 

It is also impossible for the citizens to hold crypto for anyone, administrate or transfer any coins. This law means crypto enthusiasts in Qatar must abandon their passion or move to another favorable country. 

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.