Azerbaijan vs Iraq
Crypto regulation comparison
Azerbaijan
Iraq
Partially Regulated
Banned
Azerbaijan has no specific cryptocurrency legislation but crypto is not banned. Crypto profits are taxable at 14% income tax. The Central Bank is drafting a comprehensive digital asset framework expected by end of 2025, modeled on international best practices. A regulatory sandbox is being developed.
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
Income
Tax Type
Unclear
Tax Rate
14%
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
Central Bank of Azerbaijan
Regulator
CBI (Central Bank of Iraq)
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
Not applicable; crypto activities prohibited
Key Points
- No specific crypto legislation; operates in legal gray area
- Crypto profits taxable at 14% income tax
- Central Bank drafting comprehensive digital asset framework
- Manat is the only legal tender per 1995 Constitution
- Regulatory sandbox being developed for virtual assets
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