Qatar criticized for not taking enough action in the crypto space

Qatar criticized for not taking enough action in the crypto space

Financial Action Task Force (FATF), Qatar Central Bank (QCB) criticized for falling behind in crypto regulations. According to the FATF, the central bank should take stricter measures in crypto regulations.

In a report published by the global money laundering and terrorist financing watchdog, TrainHe stressed that Turkey needs to develop its capabilities to effectively combat emerging criminal activity, including by sanctioning virtual asset service providers.

Money laundering and terrorist financing are complex elements within the scope of regulation and Qatar Central BankIt was also stated that the regulations should be discussed in more detail.

Qatar urged to put more effort into crypto regulations

In December 2019, the Qatar Financial Center Regulatory Authority (QFCRA) announced that virtual asset services cannot be operated at or from the Qatar Financial Center.

The regulatory authority warned that penalties would apply in accordance with QFCRA’s rights and obligations to any company that facilitates the supply or exchange of crypto assets.

According to the latest report of FATF TrainAlthough it fulfills its responsibilities in aggregating data on its citizens, it still has a lot of work to do. FATF also made the following statements on the subject:

The Central Bank of Qatar still does not have sufficient controls to ensure that all the information it collects remains accurate and up to date.

However, Qatari authorities were urged to improve their investigation efforts into money laundering. Comprehensive analysis capabilities were allegedly not fully utilized to detect money laundering cases.

You may be interested in: Call to crypto industry from UK financial director

As it is known, Qatar has banned virtual asset service providers. Still, the central bank has announced that it is actively exploring potential use cases for CBDC applications.

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