Bitcoin and other cryptocurrencies are still completely banned in Qatar. 

A global system to regulate cryptocurrency is unlikely to exist, Peter Smith, co-founder and CEO of Blockchain.info said at the Qatar Economic Forum on Thursday.

Smith, who heads the Bitcoin block explorer service and cryptocurrency wallet provider, indicated that countries are more likely to regulate the future of cryptocurrency, rejecting claims of a “United Nations” of crypto as inconceivable.

However, the Blockchain chief recalled the recent EU passing of the world’s first comprehensive package as a step forward in cautiously regulating the cryptocurrency industry.

In addition, Smith told Bloomberg that regulators that express optimistic calls to crypto would promote development for the industry.

“Enough regulators that speak positively on crypto will enable growth and more opportunities for the world to become invested,” Smith said at the forum.

Speaking on the Middle East, Smith said his company is involved in active talks with the United Arab Emirates, however, no conversations have started in Qatar.

Qatar frames blockchain and all cryptocurrencies as illegal since there is weak compliance with customer’s (KYC) and anti-money laundering (AML) regulations.

The Blockchain CEO conveyed that mass investments have been made globally in countries like Singapore, where regulators favor the progress of crypto.

Meanwhile, Smith told Bloomberg that the United States is an unfavourable site for crypto businesses since politics are heavily involved and there are too many regulators stations within the states, making it complicated for any rules to be passed.

On the crypto fallout in 2022, Smith pointed blame toward the US government. “It’s crypto’s version of the great financial crisis…when you don’t have the fed to backstop, it’s going to be a lot more violent,” Smith said.