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Iraq vs Turkmenistan

Crypto regulation comparison

← Back to map | Iraq | Turkmenistan
Iraq

Iraq

Turkmenistan

Turkmenistan

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.

Turkmenistan enacted the Law on Virtual Assets effective January 2026, legalizing crypto exchanges and mining under Central Bank licensing. Crypto is treated as property, not legal tender.

Tax Type Unclear
Tax Type None
Tax Rate N/A
Tax Rate N/A
Exchanges No No
Exchanges Yes Yes
Mining No No
Mining Yes Yes
Regulator CBI (Central Bank of Iraq)
Regulator Central Bank of Turkmenistan
Stablecoin Rules Not applicable; crypto activities prohibited
Stablecoin Rules Regulated under Virtual Assets Law
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
  • Law on Virtual Assets enacted November 2025, effective January 2026
  • Crypto exchanges and mining require Central Bank licensing
  • Crypto treated as property, not legal tender
  • Banks prohibited from directly providing crypto services
  • Low electricity costs attract mining operations
Sources
Sources