Wednesday, 08 January 2020 17:54

QATAR BLOCKS CRYPTO ASSET SERVICES Featured

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The world is divided into parts regarding the cryptocurrency environment. Some advocate a ban on digital currency, others offer only some restrictions, and some states impose a complete ban on cryptocurrencies. The motivation for the ban and restrictions on cryptocurrency is the fight against crime and money laundering.

So the State of Qatar has added to the list of countries with a ban on the circulation of cryptocurrency. A statement by the Qatar Financial Center regulator states that "Virtual Asset Services cannot be held in or out of QFC at this time." It stated that the ban included “anything valuable that replaces a currency, can be sold or digitized and can be used for payment or investment”.

Simplecoin, a Netherlands-based cryptocurrency 'mining pool' set up to enable collaborative discovery of new virtual currency coins, and Chopcoin, a Bitcoin gaming platform, announced they would be shutting down before the EU Fifth Anti-Money Laundering Directive (5AMLD), came into effect in all EU Member States on 10 January 2020. 

The 5AMLD requires providers of crypto platforms and wallets to identify their customers for anti-money laundering purposes.

Source: Intelligence for the Global Adviser and Wealth Manager.

Read 144 times Last modified on Wednesday, 08 January 2020 18:24

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