- The QFCRA issued a ban around the provision of virtual asset services in December 2019.
- The nation has disclosed that it’s positively studying potential applications for CBDC.
Qatar Central Bank (QCB) continues to be belittled through the Financial Action Task Pressure (FATF). To neglecting to effectively implement QCB’s own policies forbidding virtual asset providers.
To effectively tackle developing types of criminal conduct. For example punishing virtual asset providers. Qatar needs to enhance its skills, as was noted inside a report issued on May 31. It was through the global money-washing and terrorism funding watchdog.
Also, the Qatar Financial Center Regulatory Authority (QFCRA) issued a ban around the provision of virtual asset services in and in the Qatar Financial Center in December 2019.
Have to Step-up Analysis Efforts
At that time, the regulatory body issued an alert to the company that distributes or props up supply or exchange of crypto assets. Stating that penalties is going to be applied using the QFCRA’s legal rights and responsibilities.
The Financial Action Task Pressure (FATF) has released a study. It claims that although Qatar has achieved “positive and sustained progress.” Especially, in collecting advantageous possession information because of its almost full unified register, more work must be done.
Furthermore, it’s been claimed that Qatar’s “sophisticated analysis capabilities” to discover installments of money washing have not been correctly exploited. Thus, prompting requires the country’s government bodies to step-up their analysis efforts.
Regardless of the truth that Qatar has placed a prohibition on companies. That provide services associated with virtual assets, the nation has disclosed that it’s positively studying potential applications for any central bank digital currency (CBDC). In June of 2022, it had been reported the QCB had arrived at the “foundation stage” from the CBDC issuing process.