Open a Cryptocurrency Company in Qatar
Updated on Monday 20th June 2022
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Qatar Financial Center Regulatory Authority has banned virtual asset services, less token securities, since the end of 2020. Practically the exchange of virtual assets or between these and fiat currencies or more precisely cryptocurrency transactions have been restricted. However, the Central Bank of Qatar is preparing a set of laws aimed at preventing money laundering with the help of cryptocurrency, so that later those interested can set up a company that offers such services. In the following lines, you will find some information about how to open a cryptocurrency company in Qatar. We remind you that one of our company formation agents in Qatar can help you with the formalities of setting up a business in this country.
How you can set up a cryptocurrency in Qatar in 10 steps
If a cryptocurrency company cannot be set up in Qatar at the moment, there are some important formalities to keep in mind in the future. Here are some essential steps for opening a cryptocurrency company in Qatar:
- You first need to apply for a crypto exchange license in Qatar. Once the legislation is in place, applicants will be able to obtain this license very easily.
- The next step is to prepare the costs and investments needed to open such a company.
- Anyone who wants to open a cryptocurrency company in Qatar must implement dedicated software.
- Next, one must move on to connecting exchanges with others to implement liquidity.
- A payment gateway provider is required.
- Next, beta testing before offering this type of service on the market is required. Testing will dictate whether the company is ready for operations or not.
- Don't forget about protection and security measures for virtual currency transactions.
- Custom services must be implemented.
- You also need to have a legal department for any such issues.
- Another important aspect is the marketing and promotion campaign of the cryptocurrency company in Qatar.
These are 10 simple steps for opening a cryptocurrency company in Qatar. What is important to note is that you must comply with the legislation on virtual currency in Qatar, when it will be made public and implemented. You can find more details in this case from our local agents.
Why consider a legal compliance department
It is possible that when the legislation on cryptocurrency in Qatar will be introduced, certain changes will be made that will require changes in the company. A law firm in Qatar that maintains legal compliance, both in the jurisdiction in which the company is registered and in the foreign ones with which it collaborates, is recommended.
Making investments in Qatar
What makes Qatar an attractive country for foreign investors is that they can benefit from 100% ownership of their companies. This has recently been implemented and also allows trading on the Stock Exchange in Qatar. As a major financial center, Qatar offers top business conditions, without compromising on technology, protection, and infrastructure. Here are some interesting facts about the Qatari economy:
- More than USD 28.6 billion of FDI was recorded in Qatar in 2020.
- An increase of around USD 8.2 million was recorded in 2021 in the FDI sector.
- The corporate tax rate in Qatar is 10% and is one of the lowest in the world.
- The United States, Japan, Singapore, and South Korea are Qatar's largest investors.
Want to know more about how to open a cryptocurrency company in Qatar? Do you want to apply for a crypto exchange license in Qatar? We invite you to contact our company formation agents in Qatar for full details.