Qatar vs Somalia
Crypto regulation comparison
Qatar
Somalia
Restricted
No Regulation
Qatar has a restrictive stance on cryptocurrency. The Qatar Central Bank banned crypto trading and services in 2018, and the QFC Regulatory Authority (QFCRA) prohibits virtual asset services within the Qatar Financial Centre. However, Qatar has shown interest in blockchain technology for non-crypto applications and is exploring a potential CBDC. The Qatar Financial Centre issued a Digital Assets Framework in 2024 focused on tokenized real-world assets, not cryptocurrencies.
Somalia has no specific cryptocurrency regulation. The fragmented governance structure makes unified regulation extremely difficult. Mobile money dominates the financial landscape.
Tax Type
None
Tax Type
None
Tax Rate
0%
Tax Rate
N/A
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
QCB (Qatar Central Bank), QFCRA
Regulator
Central Bank of Somalia
Stablecoin Rules
Not permitted under current QCB regulations
Stablecoin Rules
No stablecoin regulation
Key Points
- QFCRA prohibited authorized firms from providing virtual asset services (2019 alert, reaffirmed 2024)
- QFCRA prohibits virtual asset services within the Qatar Financial Centre
- QFC introduced a 2024 Digital Assets Framework for tokenized securities (not crypto)
- No personal income or capital gains tax in Qatar (but crypto trading is banned)
- Qatar exploring blockchain and CBDC applications separate from crypto
Key Points
- No specific cryptocurrency legislation
- Fragmented governance limits regulatory development
- Mobile money dominates informal financial system
- Very limited formal financial infrastructure
- No licensing framework for crypto services