Georgia vs Iraq
Crypto regulation comparison
Georgia
Iraq
Legal
Banned
Georgia is one of the most crypto-friendly countries globally. There is no capital gains tax for individuals on cryptocurrency, and the country has a significant crypto mining industry due to low electricity costs. The National Bank has taken a cautious but permissive approach, issuing guidance rather than strict regulation.
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
No tax
Tax Type
Unclear
Tax Rate
0% (individuals)
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
National Bank of Georgia (NBG)
Regulator
CBI (Central Bank of Iraq)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Not applicable; crypto activities prohibited
Key Points
- No capital gains tax on crypto for individuals
- Businesses dealing in crypto are taxed under standard corporate tax rules (15% CIT)
- Georgia is a major crypto mining hub due to cheap hydroelectric power
- NBG does not recognize crypto as legal tender but has not prohibited it
- The Free Industrial Zone offers additional tax advantages for crypto businesses
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