Qatar criticized for lack of regulation crypto companies
2023.06.02 14:57
Qatar criticized for lack of regulation crypto companies
By Ray Johnson
Budrigannews.com – Qatar has been told by the Monetary Activity Team to work on its “comprehension of additional intricate structures” of monetary wrongdoing.
The Qatar Central Bank (QCB) has been criticized by the Financial Action Task Force (FATF) for not doing enough to enforce its own rules against virtual asset service providers.
In a report distributed on May 31, the worldwide tax evasion and fear based oppressor supporting guard dog featured that Qatar needs to propel its capacities to really battle developing types of crime, including endorsing virtual resource specialist organizations.
According to the statement, “it needs to improve understanding of more complex forms of money laundering and terrorist financing.”
The Qatar Financial Centre Regulatory Authority (QFCRA) made the announcement in December 2019 that virtual asset services cannot be performed within or out of the Qatar Financial Centre.
The administrative authority cautioned at the time that punishments would be forced as per the QFCRA’s privileges and commitments to any firm that gives or works with the arrangement or trade of crypto resources.
As per FATF’s new report, while Qatar has made “positive and supported progress” in get-together helpful proprietorship data for its close finished bound together register — a combination of information on its residents — there is even more work to be finished:
“There are as yet not adequate controls to guarantee that all data gathered stays precise and cutting-edge.”
It was alleged that Qatar’s “sophisticated analysis capabilities” to identify instances of money laundering are not being fully utilized, and the authorities of Qatar were urged to improve their efforts to investigate money laundering.
Even though virtual asset service providers are outlawed in Qatar, the country has made it clear that it is actively looking into possible applications for implementing a central bank digital currency (CBDC).
In June 2022, it was previously reported that the QCB is currently in the “foundation stage” of issuing a CBDC.
Sheikh Bandar bin Mohammed bin Saoud Al Thani, the governor of Qatar’s central bank at the time, stated that the QCB was “evaluating the pros and cons” of CBDCs and determining the appropriate technology and platform.
