Iraq vs Timor-Leste
Crypto regulation comparison
Iraq
Timor-Leste
Banned
No Regulation
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.
Timor-Leste has no specific cryptocurrency regulation. Uses the US dollar as its official currency.
Tax Type
Unclear
Tax Type
None
Tax Rate
N/A
Tax Rate
N/A
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
CBI (Central Bank of Iraq)
Regulator
Banco Central de Timor-Leste
Stablecoin Rules
Not applicable; crypto activities prohibited
Stablecoin Rules
No 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
- No specific cryptocurrency legislation
- Uses the US dollar as official currency
- Central bank has not addressed crypto regulation
- Very limited financial infrastructure
- Minimal crypto adoption