Iraq vs Malaysia
Crypto regulation comparison
Iraq
Malaysia
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.
Cryptocurrency is legal and regulated in Malaysia. The Securities Commission oversees digital asset exchanges (DAX) and initial exchange offerings under the Capital Markets and Services (Prescription of Securities) Order 2019. Only SC-approved exchanges can operate. Malaysia does not impose capital gains tax on crypto for individuals, though frequent trading may be classified as business income.
Tax Type
Unclear
Tax Type
None
Tax Rate
N/A
Tax Rate
0%
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
CBI (Central Bank of Iraq)
Regulator
SC (Securities Commission Malaysia), BNM (Bank Negara Malaysia)
Stablecoin Rules
Not applicable; crypto activities prohibited
Stablecoin Rules
Digital assets on approved exchanges only; stablecoins not separately regulated
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
- Digital asset exchanges must be registered and approved by the Securities Commission
- Only approved tokens can be listed on registered exchanges (e.g., BTC, ETH, XRP on approved list)
- No capital gains tax for individuals; frequent trading may be treated as business income
- BNM regulates crypto for AML/CFT purposes under the Anti-Money Laundering Act
- IEOs must be conducted through SC-approved platforms