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United Arab Emirates vs Iraq

Crypto regulation comparison

← Back to map | United Arab Emirates | Iraq
United Arab Emirates

United Arab Emirates

Iraq

Iraq

Legal
Banned

The UAE has become a global crypto hub with multiple regulatory frameworks. Dubai's VARA (Virtual Assets Regulatory Authority), established in 2022, is the world's first dedicated crypto regulator and licenses exchanges, brokers, and other VASPs. Abu Dhabi's ADGM regulates crypto through the FSRA. The federal SCA also oversees crypto at the national level. The UAE has no personal income or capital gains tax. Major global exchanges (Binance, Bybit, OKX, Crypto.com) have obtained UAE licenses.

Iraq has banned cryptocurrency dealings. The Central Bank of Iraq issued a directive in 2017 prohibiting banks, financial institutions, and exchange companies from dealing in cryptocurrency. Despite the ban, some underground and peer-to-peer crypto trading reportedly persists.

Tax Type None
Tax Type Unclear
Tax Rate 0%
Tax Rate N/A
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining No No
Regulator VARA (Dubai), ADGM/FSRA (Abu Dhabi), SCA (Federal), CBUAE
Regulator CBI (Central Bank of Iraq)
Stablecoin Rules VARA regulates stablecoins in Dubai; ADGM has separate framework
Stablecoin Rules Not applicable; crypto activities prohibited
Key Points
  • VARA (Dubai) — world's first standalone virtual asset regulator; comprehensive licensing framework
  • ADGM/FSRA (Abu Dhabi) — separate regulatory framework for digital assets in the financial free zone
  • No personal income tax or capital gains tax in the UAE
  • 9% corporate tax (from 2023) may apply to crypto businesses but not individual investors
  • Major exchanges licensed: Binance, Bybit, OKX, Crypto.com, BitOasis
Key Points
  • CBI banned all crypto dealings by financial institutions in 2017
  • Exchange companies are prohibited from handling cryptocurrency
  • No regulatory framework for crypto businesses
  • Underground and P2P crypto trading reportedly exists despite the ban
  • The ban is motivated by AML concerns and financial stability considerations
Sources
Sources