BTC $67,164.00 (-1.41%)
ETH $1,980.34 (-1.86%)
XRP $1.43 (-3.67%)
BNB $610.59 (-1.63%)
SOL $82.25 (-3.56%)
TRX $0.28 (-0.59%)
DOGE $0.10 (-3.19%)
BCH $562.44 (-0.79%)
ADA $0.28 (-2.87%)
LEO $8.66 (+1.56%)
HYPE $29.08 (-1.92%)
LINK $8.70 (-2.50%)
CC $0.16 (-2.23%)
XMR $326.07 (-4.96%)
XLM $0.16 (-4.29%)
RAIN $0.01 (+0.27%)
ZEC $262.81 (-10.05%)
HBAR $0.10 (-3.11%)
LTC $53.35 (-2.02%)
AVAX $8.90 (-2.52%)

Iraq vs Singapore

Crypto regulation comparison

← Back to map | Iraq | Singapore
Iraq

Iraq

Singapore

Singapore

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.

Singapore is a leading global crypto hub with a comprehensive regulatory framework under the Payment Services Act (PSA) 2019, amended in 2022. MAS licenses Digital Payment Token (DPT) service providers for AML/KYC compliance and consumer protection. Singapore has no capital gains tax, making it attractive for crypto businesses and investors. However, MAS has progressively tightened retail investor protections, restricting crypto advertising and requiring risk warnings. Short term trading gains is considered income and taxed as such.

Tax Type Unclear
Tax Type Varies
Tax Rate N/A
Tax Rate 0%-24%
Exchanges No No
Exchanges Yes Yes
Mining No No
Mining Yes Yes
Regulator CBI (Central Bank of Iraq)
Regulator MAS (Monetary Authority of Singapore)
Stablecoin Rules Not applicable; crypto activities prohibited
Stablecoin Rules MAS-regulated stablecoin framework (2023); SG-dollar stablecoins must meet reserve and disclosure requirements
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
  • Payment Services Act (PSA) 2019 provides licensing for Digital Payment Token (DPT) services
  • MAS issues Major Payment Institution (MPI) and Standard Payment Institution (SPI) licenses for crypto
  • No capital gains tax on crypto for individuals; trading profits may be taxed if deemed business income
  • MAS introduced stablecoin regulatory framework in August 2023 for SG$-pegged stablecoins
  • Strict retail investor protection: crypto advertising restricted, no incentives for trading
Sources
Sources