Iraq vs Kyrgyzstan
Crypto regulation comparison
Iraq
Kyrgyzstan
Banned
Legal
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.
Kyrgyzstan adopted the Law on Virtual Assets in 2022 requiring licensing for exchanges, mining, and VASPs. Over 120 licensed VASPs operate. Crypto turnover exceeded traditional securities market in 2024.
Tax Type
Unclear
Tax Type
Income
Tax Rate
N/A
Tax Rate
10%
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
CBI (Central Bank of Iraq)
Regulator
State Financial Supervision Authority
Stablecoin Rules
Not applicable; crypto activities prohibited
Stablecoin Rules
Regulated under Virtual Assets Law
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
Key Points
- Law on Virtual Assets adopted in 2022 with licensing framework
- Over 120 licensed VASPs active by late 2024
- Three license types: trading operator, currency exchanger, mining operator
- Crypto sector contributed 800M KGS in taxes in 2024
- Virtual assets not recognized as legal tender but circulate under special regime