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Iraq vs Ukraine

Crypto regulation comparison

← Back to map | Iraq | Ukraine
Iraq

Iraq

Ukraine

Ukraine

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.

Ukraine passed the 'On Virtual Assets' law in 2022, establishing a legal framework for crypto. The NSSMC is designated as the primary regulator for virtual assets. Crypto gained significance during the Russia-Ukraine war, with Ukraine receiving over $100 million in crypto donations. Tax rules specify 18% income tax plus 1.5% military levy on crypto gains. Full implementation of the regulatory framework has been delayed due to the ongoing conflict.

Tax Type Unclear
Tax Type Capital gains
Tax Rate N/A
Tax Rate 18% + 1.5% military levy
Exchanges No No
Exchanges Yes Yes
Mining No No
Mining Yes Yes
Regulator CBI (Central Bank of Iraq)
Regulator NSSMC (National Securities and Stock Market Commission), NBU
Stablecoin Rules Not applicable; crypto activities prohibited
Stablecoin Rules Under development in virtual assets legislation
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
  • Virtual Assets law passed in 2022, establishing legal status for crypto
  • NSSMC designated as primary regulator for virtual assets; NBU handles stablecoins
  • 18% personal income tax + 1.5% military levy on crypto gains (19.5% total)
  • Over $100M in crypto donations received during Russia-Ukraine war
  • Full regulatory implementation delayed due to ongoing conflict
Sources
Sources