Micronesia vs Iraq
Crypto regulation comparison
Micronesia
Iraq
No Regulation
Banned
Micronesia has no specific cryptocurrency regulation. Uses the US dollar as its official currency.
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
N/A
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
Department of Finance and Administration
Regulator
CBI (Central Bank of Iraq)
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
Not applicable; crypto activities prohibited
Key Points
- No specific cryptocurrency legislation
- Uses the US dollar as official currency
- Very limited financial infrastructure
- Minimal crypto adoption
- No licensing framework for crypto services
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
