Home General QCB warns against dealing with unlicensed financial institutions and service providers for...

QCB warns against dealing with unlicensed financial institutions and service providers for digital assets

87
0
Qatar Central Bank (QCB) issued a warning on May 19 against dealing with unlicensed financial institutions and service providers. QCB said that advertisements are placed on various social media platforms by unlicensed financial companies or unlicensed service providers to promote their activities.

Accordingly, QCB said that it is the supervisory authority authorized to approve licenses to provide financial activities and services in the country in accordance with the provisions of Qatar Central Bank Law and the Regulation of Financial Institutions No. 13 of 2012 and that no financial institution has been licensed to provide services of exchange, transfer, trading and dealing on virtual currencies and assets or the tools that allow them to be controlled due to their high level of risk that harms the rights and interests of consumers and also the high risk of money laundering and terrorist financing. The Warning was posted on QCB Twitter handle on May 19, 2022.

The Qatar Central Bank will take legal measures against any providers of services and virtual assets in the State of Qatar without a license and cautioned against dealing with these financial institutions.

Visits: 213972

LEAVE A REPLY

Please enter your comment!
Please enter your name here