Cryptocurrency Trading In Qatar: How To Avoid Its Ban And Other Loopholes
The Qatar Financial Centre has officially decided to ban cryptocurrency in the country. This implies fiat-to-crypto, crypto-to-crypto, and any other payment made involving virtual assets.
The reasoning that the government has behind this is that cryptocurrency is dangerous, can cause unnecessary speculations and more hacking. That’s their current opinion and Bitcoin is prohibited for citizens to trade.
Security tokens can still be legally traded
A very meaningful and interesting thing to know is that the regulation about banning the trading of crypto doesn’t ban trading security tokens. These tokens are investment contracts in which a buyer tries to predict the profits from dividends or other things in the future.
Exchanges to trade crypto in Qatar
If you’re brave enough to avoid the prohibition and still trade crypto, there are still exchanges that you can use in Qatar. However, you first need to use a VPN to get to them, since most platforms for trading virtual currency in Qatar are banned.
CEX.io is an exchange that citizens of Qatar can use for trading crypto. It uses the most famous deposit options, such as MasterCard, Visa, or Maestro. The fees on trading are very small being 0.25% maximum. The deposit fees are 2.99% on all currencies apart from the RUB which has a 5% fee.