Iraq vs Palau
Crypto regulation comparison
Iraq
Palau
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.
Palau has explored blockchain technology and launched a stablecoin program in partnership with Ripple. No income or capital gains tax.
Tax Type
Unclear
Tax Type
No tax
Tax Rate
N/A
Tax Rate
0%
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
CBI (Central Bank of Iraq)
Regulator
Financial Institutions Commission
Stablecoin Rules
Not applicable; crypto activities prohibited
Stablecoin Rules
No specific stablecoin regulation
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
- Exploring national stablecoin in partnership with Ripple
- No income or capital gains tax
- Uses the US dollar as official currency
- Small but forward-looking approach to digital assets
- Limited domestic crypto infrastructure