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Posted On: 22 May 2022 06:39 pm
Updated On: 22 May 2022 06:40 pm

Qatar Central Bank warns against unlicensed financial institutions dealing with virtual assets or currency

Tracy Quirino
Tracy Quirino
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Qatar Central Bank warns unlicensed financial institutions dealing with virtual assets or currency shutterstock 1071252965

In a tweet, the Qatar Central Bank warns the public against dealing with unlicensed financial institutions and unlicensed service providers in Qatar. The warning specifically mentions that "no financial institution has been licensed to provide services of exchange, transfer, trading or dealing on virtual assets and currencies (cryptocurrencies) or the tools that allow them to be controlled".

Qatar Central Bank noted that given the advertisements that spread from time to time on various social media platforms about unlicensed financial companies or those service providers who are not authorized to promote their illegal activities licensed they confirmed that it is the supervisory and supervisory authority who is authorized to approve licenses to provide financial activities and services in the country. These approvals are made in accordance with the provisions of Qatar Central Bank Law and Regulation of Financial Institutions No. 13 of 2012 AD.

No financial institution has been given the license to provide services such as exchange, transfer, trading, or dealing with virtual assets and currencies due to their high-risk level that harms the rights and interests of consumers as well as the high risks of money laundering and terrorist financing.

Qatar Central Bank mentions that it will take legal action against any providers of services and virtual assets in the State of Qatar that do not have a license, noting not to use customer accounts to deal with these financial institutions.

Source: Qatar Central Bank
Cover image credit: Shutterstock