How to Buy Cryptocurrency in Qatar
Buying cryptocurrency in Qatar
Rather unexpectedly, the Qatar Financial Centre (QFC) proclaimed that all activities related to cryptocurrencies will be prohibited, including exchanges inside the sector. This information came as a shock to many as Qatar was considered a front runner in terms of adoption of blockchain technology. Recently, government officials have expressed their concerns regarding money laundering and terrorist financing in an attempt to subdue local cryptocurrency-related activities. The Qatar Financial Centre Regulatory Authority (QFCRA) made a report first announcing the ban. In the report, it was stated that all services that involve cryptocurrencies were illegal inside the whole economic zone. Virtual asset services that include those facilitating trading, issuance, and custody of these assets in any way were also directly listed. However, security tokens werenít banned by the report, as financial instruments which the QFCRA, the Qatar Central Bank or the Financial Markets Authority regulate arenít prohibited because they undergo full verification.
As of 20/03/2021
These exchanges all accept customers from Qatar. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options