Iraq vs Rwanda
Crypto regulation comparison
Iraq
Rwanda
Banned
Restricted
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.
Rwanda is developing a comprehensive crypto regulatory framework. The NBR and Capital Markets Authority are drafting a law requiring VASPs to obtain CMA licenses. The draft law prohibits crypto as legal tender, bans mining and crypto ATMs, and imposes fines up to 30M RWF and imprisonment for unlicensed operators.
Tax Type
Unclear
Tax Type
None
Tax Rate
N/A
Tax Rate
N/A
Exchanges
No
Exchanges
No
Mining
No
Mining
No
Regulator
CBI (Central Bank of Iraq)
Regulator
National Bank of Rwanda (NBR), Capital Markets Authority (CMA)
Stablecoin Rules
Not applicable; crypto activities prohibited
Stablecoin Rules
Draft law prohibits crypto as payment; mining and crypto ATMs banned
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
- Draft law requires VASPs to obtain licenses from Capital Markets Authority
- Crypto prohibited as legal tender or payment method under draft law
- Crypto mining, crypto ATMs, and mixer/tumbler services banned
- Penalties include fines up to 30M RWF and up to 5 years imprisonment
- Framework driven by FATF compliance on AML requirements