Update Regarding Virtual Assets And Cryptocurrencies In Qatar

• Law Firm: Sultan Al-Abdulla & Partners
• Subject Matter: Technology, Fin Tech
• Author: Mr Ribal Fattal
• Published date: 20 January 2023

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...