Thread by @CryptoKingKeyur

🚨 BREAKING: 🇶🇦 Qatar Under Fire for Failing to Crack Down on #Crypto Companies 😱

A thread 🧵

1️⃣ Qatar has come under fire for its lack of action against #crypto companies.

👉 The FATF has just slammed Qatar Central Bank (QCB) for turning a blind eye to its own regulations on virtual asset service providers 😮

https://twitter.com/FATFNews/status/1664253406897119232

2️⃣ Despite clear regulations prohibiting virtual asset services, Qatar seems to be ignoring the issue.

👉 The FATF's report exposes Qatar's failure to effectively combat evolving forms of criminal activity, including sanctioning virtual asset service providers.

3️⃣ In a shocking revelation, it appears that Qatar's understanding of complex money laundering and terrorist financing is severely lacking.

👉 The FATF urges Qatar to up its game and step up efforts to tackle these sophisticated crimes head-on.

4️⃣ Back in December 2019, the Qatar Financial Centre Regulatory Authority warned that penalties would be imposed on any firm involved in #crypto assets.

👉 But it seems little has been done to enforce these penalties 😱

5️⃣ While Qatar claims to have made progress in gathering beneficial ownership information, the FATF's report reveals there's still a long way to go.

6️⃣ Qatar's authorities have been accused of not fully utilizing their sophisticated analysis capabilities to identify instances of money laundering.

7️⃣ While virtual asset service providers are banned, it seems Qatar is secretly exploring the idea of a central bank digital currency (#CBDC).

8️⃣ The governor of Qatar's central bank claims they're "evaluating the pros and cons."

9/ It's time Qatar must take action and clean up the act.

👉 The world is watching, and we demand transparency, accountability, and a genuine effort to combat financial crime.

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https://twitter.com/cryptokingkeyur/status/1664564858174713856