Qatar Financial Centre Regulatory Authority (QFCRA) has issued a statement through its official Twitter account, declaring that Virtual Asset Services “may not be conducted in or from the QFC”. ‘Virtual Asset Services’ in this case refers to digital assets, or cryptocurrency.
This tweet contains the fact that the recent ban comes “in accordance with QFC Law No 7 of 2005 and the Financial Services Regulations (FSR)”.
Additionally, the Tweet stipulates that “All ‘Authorised Firms’ are “not currently permitted to provide and / or facilitate the provision of Virtual Asset Services or or otherwise exchange trade or deal in Virtual Assets until further notice”.
If these regulations are violated in any way, the QFCRA “shall impose penalties in accordance with its rights and obligations pursuant to the QFC Law No. & of 2005”.
The statement, posted via Twitter, described a set of official definitions regarding ‘Virtual Assets’ and their related terms.
“Anything of value that acts as a substitute for currency,Virtual Asset (Definition)
“that can be digitally traded or transferred And can be used for payment or investment purposes, Excluding fiat currencies and other monetary instruments.”
“Any natural or legal person who as a business conducts one or more Virtual Asset Services for or on behalf of another natural or legal person.”Virtual Asset Service Provider (Definition)
“Virtual Asset Services
Any one or more of the following activities or operations…
-> Exchange between virtual assets and fiat currencies.
-> Exchange between one or more forms of virtual assets.
->Transfer of virtual assets.
-> Safekeeping and / administration of virtual assets, or instruments enabling control over virtual assets.
-> Participation in and provision of financial services related to an issuer’s offer and / or sale of a virtual asset.”Virtual Asset Services (Definition)
The Qatar Financial Centre Regulatory Authority (QFCRA) acts as an independent regulator of the Qatar Financial Centre (QFC), which was established by Emiri Decree in 2005. It’s main focus is towards financial policy development, supervision and (where necessary) enforcement.
“The QFCRA has built a principle-based regulatory regime modeled closely on other major financial centres that embraces transparency, predictability and accountability…
Established to authorise and regulate firms and individuals conducting financial services in or from the QFC…
to ensure the QFC, including without limitation the QFC Institutions, have adequate finance or are able to obtain adequate finance, so that they can finance their respective activities without undue difficulty, and are financially stable”Qatar Financial Centre Regulatory Authority, QFCRA (website)
The Qatar Financial Centre (QFC) is a global business and financial centre, and companies established under this infrastructure “benefit from Qatar’s extensive DTA network with over 60 countries”.
In additional cryptocurrency and finance related news from Qatar, the country that it claims its multi-billion dollar investment programme has put the country on a sure footing to further develop its infrastructure and cater to its growing population, in line with the Qatar National Vision 2030 objectives”.
Qatar National Vision 2030 is described, on its website, to aim that:
“by 2030 – Qatar becomes an advanced society capable of sustaining its development and providing a high standard of living for its people…
defines the long-term goals for the country and provides a framework in which national strategies and implementation plans can be developed.”Qatar National Vision 2030