The Financial Action Task Force (FATF) stated that Qatar is duly enforcing its crypto ban.
According to a report released by the Financial Action Task Force (FATF), it is stated that Qatar is not taking adequate action against companies violating the crypto ban announced in 2019.
FATF Report Reveals Qatar’s Proper Crypto Ban
In the published report of FATF, it was emphasized that Qatar Central Bank should more proactively identify and impose sanctions on crypto-asset service providers.
The report included the following statements regarding crypto firms announced by the Qatar Financial Center Regulatory Authority in 2019:
“Qatar has failed to demonstrate that authorities proactively detect and sanction potential violations of this ban.”
It is also stated that no official sanctions have been imposed even in the case of an alleged unlicensed crypto provider operating.
The FATF notes that there is an inconsistency in Qatar’s compliance with the rule that requires identifying participants in crypto transactions. According to the FATF, there are major discrepancies between Qatar’s risk profile and the type and scope of its terrorist financing activity.
It is stated that Qatar is not crypto-friendly compared to its neighbors, the United Arab Emirates. However, Qatar’s central bank governor pointed to the potential benefits of faster payments and stated that a digital rial is being investigated.
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