Qatar has taken little action against crypto companies breaching a ban announced in 2019, a global anti-money laundering watchdog said in a Wednesday report.

The Financial Action Task Force (FATF) urged the Qatar Central Bank (QCB) to be more proactive in identifying and sanctioning virtual asset service providers (VASPs) that breached its crypto prohibition in a report, which accused the country of being too lax on terrorist fundraising.

“Qatar has not demonstrated that the competent authorities proactively identify and take enforcement action for potential breaches of this prohibition,” on crypto firms announced by the Qatar Financial Center Regulatory Authority in 2019, said the report, though it cites 2,007 transactions that were rejected and 43 accounts closed for digital asset links.“No formal sanctions have been applied on a natural or legal person for contravening the prohibition,” even in a case where an unlicensed crypto provider was allegedly found operating in the country, it added.

“There are major inconsistencies between Qatar’s risk profile and the type and extent of terrorist financing activity prosecuted and convicted,” added FATF, a Paris-based global watchdog, which seeks to monitor and mitigate flows of dirty money, including through a controversial “travel rule” requiring the identification of participants in crypto transactions.Though less crypto-friendly than neighbors such as the United Arab Emirates, Qatar's central bank governor has pointed to the potential benefits of faster payments, and has said the bank was exploring a digital riyal.

In a statement posted on its website, the central bank said the assessment – which found the country was compliant or largely compliant with each of forty technical requirements – “demonstrate the country’s commitment to combatting illicit financing.” #Dyor #Cryptopredictor #BTC

In a recent development, Whale Alert has reported a significant influx of 700 million XRPs, equivalent to a staggering $357 million, into Ripple accounts. This surge follows a massive unlock that occurred on June 1, leaving 300 million tokens still circulating the market out of the one billion XRPs initially issued from Ripple's escrow accounts.#Dyor #BTC #Cryptopredictor

Fibonacci retracement levels are horizontal lines drawn on a price chart that indicate potential support and resistance levels based on the Fibonacci sequence. The Fibonacci sequence is a mathematical sequence in which each number is the sum of the two preceding numbers: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, and so on.

In financial markets, Fibonacci retracement levels are used by traders and analysts to identify areas where the price of an asset may experience a temporary reversal or pullback before continuing in the direction of the prevailing trend. These levels are drawn by connecting the high and low points on a price chart and then dividing the vertical distance by the key Fibonacci ratios, namely 23.6%, 38.2%, 50%, 61.8%, and 100%.

The Fibonacci retracement levels are as follows:

- 23.6%: This level is not a true Fibonacci ratio but is often included as a support or resistance level.

- 38.2%: This level is derived from dividing a number in the Fibonacci sequence by the number two places to the right. It is considered a key retracement level.

- 50%: Although not directly derived from the Fibonacci sequence, this level is included as it is a common psychological level where traders may expect a pullback.

- 61.8%: Also known as the "golden ratio," this level is derived by dividing a number in the Fibonacci sequence by the number one place to the right. It is considered a significant retracement level.

- 100%: This level represents the starting point of the price move and is not a Fibonacci ratio, but it is often used as a reference point.

Traders use Fibonacci retracement levels to identify potential entry and exit points for trades, as well as to determine stop-loss levels and price targets. However, it's important to note that Fibonacci retracement levels should not be used in isolation and should be used in conjunction with other technical analysis tools and indicators to increase the accuracy of predictions.

#BTC #bitcoin #Cryptopredictor #btc #XRP