China vs Iraq
Crypto regulation comparison
China
Iraq
Banned
Banned
China has imposed a comprehensive ban on cryptocurrency activities. In September 2021, the PBOC and ten other agencies jointly declared all cryptocurrency transactions illegal, and the State Council banned crypto mining. China is instead promoting the digital yuan (e-CNY) CBDC.
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
Unclear
Tax Type
Unclear
Tax Rate
N/A
Tax Rate
N/A
Exchanges
No
Exchanges
No
Mining
No
Mining
No
Regulator
PBOC (People's Bank of China), CBIRC, CSRC
Regulator
CBI (Central Bank of Iraq)
Stablecoin Rules
Not applicable; all crypto activities are banned
Stablecoin Rules
Not applicable; crypto activities prohibited
Key Points
- All crypto transactions declared illegal by PBOC and 10 agencies in September 2021
- Crypto mining banned by the State Council in 2021 after a series of provincial crackdowns
- Financial institutions and payment companies prohibited from facilitating crypto services
- China actively developing and piloting the digital yuan (e-CNY) CBDC
- Despite the ban, some Chinese citizens reportedly access crypto via VPNs and OTC desks
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