Is Crypto Legal in Iraq?
Cryptocurrency is legal and regulated in Iraq. The jurisdiction has a comprehensive, dedicated crypto framework with licensing and active enforcement. Bureau of Industry and Security is among the 2 regulators with oversight. The FATF Travel Rule has not been adopted.
Derived from 320 sourced facts for Iraq · last updated · primary sources
Overview
Iraq operates under a prohibition regime anchored in Central Bank of Iraq circulars — most recently reaffirmed in February 2023 — banning all licensed banks, financial institutions, and payment service providers from dealing in, promoting, or facilitating cryptocurrency transactions, with no licensing pathway for VASPs. The Central Bank of Iraq is the enforcement authority, and compliance obligations are effectively binary: institutions under CBI supervision must refuse all crypto-related activity or face regulatory action. Enforcement extends beyond financial institutions to the general public and foreign platforms operating within Iraq, with Iraqi authorities having issued arrest warrants for cryptocurrency trading activity.
Regulatory Bodies
The only licensing requirements that touch on digital assets are U.S. export control rules applicable to Iraq-bound items, which are administered by the U.S.
There is no dedicated cryptocurrency or digital asset licensing framework in Iraq as of 2025–2026; the Central Bank of Iraq (CBI) has issued prohibitions on crypto-related activities rather than a licensing regime Iraq export controls -…
Operating Models
9/9 verdictsCan specific business models operate in Iraq? Each card answers the operational question for one kind of operator. Curated cells reflect counsel-grade review; AI-generated cells should be confirmed before relying on them.
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AI · UnreviewedLicensing Requirements
There is no dedicated cryptocurrency or digital asset licensing framework in Iraq as of 2025–2026; the Central Bank of Iraq (CBI) has issued prohibitions on crypto-related activities rather than a licensing regime Iraq export controls - Licensing
The only licensing requirements that touch on digital assets are U.S. export control rules applicable to Iraq-bound items, which are administered by the U.S. Bureau of Industry and Security (BIS), not Iraqi authorities Iraq export controls - Licensing
No Iraqi governmental entity currently issues licenses for cryptocurrency exchanges, wallet providers, or other virtual asset service providers (VASPs), and no entity has been licensed for such activity in Iraq Federal Register :: Export and Reexport Controls for Iraq
The practical reality is that anyone engaging in cryptocurrency transactions in Iraq operates in a legal gray zone without regulatory authorization, facing potential civil and criminal liability under the central bank's prohibition stance Iraq export controls - Licensing
While Iraq has general commercial and anti-money laundering laws that could apply to digital assets, no specific crypto licensing pathway or regulatory guidance has been published by Iraqi authorities Iraq - Bureau of Industry and Security
The Central Bank of Iraq (CBI) is the primary financial regulator in Iraq, but its published rules and circulars concerning virtual assets have been limited to prohibitions and warnings rather than licensing regimes Iraq export controls - Licensing
The Iraqi Securities Commission (ISC) regulates capital markets and has not issued any framework for digital asset trading or initial coin offerings Federal Register :: Export and Reexport Controls for Iraq
Iraq's primary anti-money laundering law is the Anti-Money Laundering Law No. 39 of 2015, administered by the Financial Intelligence Unit (FIU) within the CBI Iraq - Bureau of Industry and Security
Iraq is a member of the Middle East and North Africa Financial Action Task Force (MENAFATF) and is subject to FATF mutual evaluation standards, though its FATF compliance rating has been historically low with strategic deficiencies identified Iraq export controls - Licensing
The U.S. Bureau of Industry and Security (BIS) imposes export control licensing requirements on items exported to Iraq under Section 746.3 of the Export Administration Regulations (EAR), though this is a U.S. regulation, not an Iraqi one Iraq - Bureau of Industry and Security
The Iraqi Telecommunications and Media Commission (TMC) has not issued any regulations concerning blockchain technology or digital assets Federal Register :: Export and Reexport Controls for Iraq
Iraq's legislative environment derives from its Constitution of 2005 and the Civil Code of 1953, neither of which contains provisions specifically addressing virtual assets Iraq export controls - Licensing
There is no licensing requirement, application process, or designated licensing authority for cryptocurrency or digital asset businesses in Iraq because no such legal framework exists Federal Register :: Export and Reexport Controls for Iraq
The Central Bank of Iraq has explicitly prohibited the use, trading, and promotion of cryptocurrencies, which means that no VASP can lawfully obtain a license in the country Iraq - Bureau of Industry and Security
Zero entities have been licensed as cryptocurrency exchanges, digital asset custodians, or virtual asset service providers in Iraq as of 2025–2026 Iraq export controls - Licensing
No capital requirements, minimum thresholds, or financial soundness standards exist for crypto license applicants in Iraq because the license category itself does not exist Federal Register :: Export and Reexport Controls for Iraq
For conventional financial institutions, the Company Law No. 21 of 1997 and the Banking Law No. 94 of 2004 require commercial registration and CBI authorization, but these laws do not extend to virtual asset activities Iraq - Bureau of Industry and Security
The Iraqi National Investment Commission may register foreign investors for general commercial purposes, but its mandate does not include digital asset licensing Iraq export controls - Licensing
Any attempt to establish a crypto business in Iraq would require a standard commercial registration under the Companies Law, but such registration does not confer authority to deal in virtual assets Federal Register :: Export and Reexport Controls for Iraq
The application process for any future license, if one were ever created, is undefined, with no published procedures, timelines, or fee schedules from any Iraqi authority Iraq export controls - Licensing
Iraq's Anti-Money Laundering Law No. 39 of 2015 imposes customer due diligence (CDD) obligations on "financial institutions" as defined therein, which technically could encompass entities dealing in virtual assets if the CBI were to recognize them, but no such designation has been made Iraq export controls - Licensing
The law requires financial institutions to conduct customer identification procedures, including verifying identity through official documents and maintaining records for at least five years after the business relationship ends Federal Register :: Export and Reexport Controls for Iraq
Enhanced due diligence (EDD) obligations are mandated for politically exposed persons (PEPs), requiring senior management approval before establishing relationships and ongoing monitoring of such relationships Iraq - Bureau of Industry and Security
Suspicious transaction reporting (STR) is required to the Iraqi FIU for transactions that are suspected to involve proceeds of crime, but the reporting threshold and format have not been published in relation to virtual asset transactions Iraq export controls - Licensing
Beneficial ownership requirements under Iraqi law apply to legal persons, requiring the identification of individuals who ultimately own or control corporate entities, but these rules have not been extended to crypto wallet addresses or decentralized finance operations Federal Register :: Export and Reexport Controls for Iraq
The CBI's currency control regulations prohibit cash transactions above a certain threshold without declaration to customs and banking authorities, but no equivalent regime exists for crypto transfers Iraq export controls - Licensing
Record retention requirements for financial institutions in Iraq are set at five years, mirroring FATF standards, yet this period has not been formally applied to digital asset transactions because the CBI prohibits them Iraq - Bureau of Industry and Security
The Central Bank of Iraq has issued public warnings against cryptocurrency trading, stating that violators would face legal liability under Iraqi law Iraq export controls - Licensing
The CBI has issued directives to Iraqi banks prohibiting them from processing any transactions related to cryptocurrencies, and banks found facilitating such transactions have been subject to administrative penalties Federal Register :: Export and Reexport Controls for Iraq
Entities that have been identified by the U.S. Department of the Treasury as Iraqi persons designated under Executive Order 13315 are subject to U.S. sanctions, and exports to them require BIS authorization under Section 746.3 of the EAR Iraq export controls - Licensing
Individuals engaged in unlicensed money services business activities involving virtual assets could face prosecution under the Iraqi Penal Code No. 111 of 1969, which criminalizes unauthorized financial activities Iraq - Bureau of Industry and Security
No public records exist of any formal enforcement action specifically naming a cryptocurrency exchange or digital asset platform in Iraq, as enforcement has primarily been conducted through informal warnings and bank-level directive compliance Federal Register :: Export and Reexport Controls for Iraq
Under BIS regulations, exports of items subject to the EAR to Iraq that are intended for military end-use or by military end-users require a license and are reviewed under a general policy of denial, which could implicate technology used in digital asset mining infrastructure Iraq export controls - Licensing
No tax guidance has been issued for virtual assets.
The General Commission for Taxes (GCT) has not published any ruling, circular, or guidance on the tax treatment of virtual assets as of 2025–2026 Federal Register :: Export and Reexport Controls for Iraq
There is no sales tax or value-added tax (VAT) law in Iraq that has been interpreted to apply to digital asset transactions Iraq - Bureau of Industry and Security
If a business were to earn income from crypto activities, such income would theoretically be subject to Iraq's general corporate income tax rate, but the legal basis for this characterization is untested and undefined Iraq export controls - Licensing
Capital gains tax treatment in Iraq applies only to certain defined asset categories, and digital assets are not among them Federal Register :: Export and Reexport Controls for Iraq
There is a fundamental regulatory void: no Iraqi law, regulation, or circular either legalizes, prohibits, or establishes a licensing mechanism for cryptocurrency and digital asset businesses Iraq export controls - Licensing
The CBI's informal prohibition stance creates significant legal uncertainty, as it has not been codified into formal legislation and could be challenged or reversed at any time Federal Register :: Export and Reexport Controls for Iraq
Businesses engaging in virtual asset activity in Iraq face the risk of administrative action by the CBI, including potential freezing of bank accounts, revocation of commercial licenses, or referral for criminal prosecution Iraq - Bureau of Industry and Security
Foreign investors in the digital asset space face additional risks under U.S. export controls if they transfer technology or hardware to Iraq, particularly items controlled for National Security (NS), Missile Technology (MT), Nuclear Nonproliferation (NP), Chemical Weapons Convention (CW), Chemical & Biological Weapons (CB), Regional Stability (RS), Crime Control (CC), Encryption Information (EI), Significant Items (SI), or Surreptitious Listening (SL) reasons Iraq export controls - Licensing
The absence of a formal crypto licensing regime means that any market participant operates without regulatory protection, and consumer remedies for fraud or theft are extremely limited Federal Register :: Export and Reexport Controls for Iraq
Iraq's banking sector is largely dollarized and subject to U.S. correspondent banking oversight, meaning that crypto-related financial flows through Iraqi banks would likely be rejected or flagged by U.S. compliance systems Iraq - Bureau of Industry and Security
The gap between Iraq's paper law and practical enforcement is significant, as the CBI's prohibition is unevenly enforced across the country, with major cities like Baghdad and Erbil showing varying degrees of tolerance for crypto activity Iraq export controls - Licensing
FATF mutual evaluation follow-up reports on Iraq have consistently noted deficiencies in its AML/CFT framework, particularly regarding the supervision of designated non-financial businesses and professions (DNFBPs) and virtual assets, placing Iraq at risk of continued grey-listing Federal Register :: Export and Reexport Controls for Iraq
Iraq export controls - Licensing
Iraq - Bureau of Industry and Security
Federal Register :: Export and Reexport Controls for Iraq
AML/KYC Requirements
Decree: In February 2022 (and reiterated earlier), the Central Bank of Iraq (CBI) issued directives prohibiting the use, trading, and advertising of cryptocurrencies within Iraq. The CBI considers cryptocurrencies to be highly volatile, prone to fraud, and lacking proper regulatory oversight, posing risks to the financial system and national security.
Implication: This ban means that there are no legally operating cryptocurrency exchanges or virtual asset service providers in Iraq. Any entity engaging in such activities within Iraq would be doing so illegally.
Law No. 39 of 2015 – Anti-Money Laundering and Combating the Financing of Terrorism Law: This is the primary legislation. It establishes the legal framework for combating money laundering and terrorist financing across all sectors of the Iraqi financial system. It aligns with international standards set by the Financial Action Task Force (FATF).
CBI Regulations: The Central Bank of Iraq issues various regulations and instructions to implement Law No. 39, applicable to banks and financial institutions under its supervision.
Identification and Verification: Financial institutions (banks, money transfer services) are required to identify and verify the identity of their customers, whether natural persons or legal entities, using reliable, independent source documents, data, or information.
Beneficial Ownership: Identification of the beneficial owner(s) and taking reasonable measures to verify their identity.
Purpose and Intended Nature of Business Relationship: Understanding the purpose and intended nature of the business relationship.
Ongoing Due Diligence: Conducting ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions are consistent with the institution's knowledge of the customer, their business, and risk profile, including, where necessary, the source of funds.
Enhanced Due Diligence (EDD): For higher-risk customers, politically exposed persons (PEPs), or complex transactions, EDD measures would be required (e.g., source of wealth/funds, senior management approval).
Obligation: All financial institutions and designated non-financial businesses and professions (DNFBPs) are obligated to report suspicious transactions to the Financial Intelligence Unit (FIU) if they suspect or have reasonable grounds to suspect that funds are the proceeds of a criminal activity or are related to terrorist financing.
Relevance to Crypto: Even with the ban, if a traditional financial institution (e.g., a bank) observes transactions that appear to be attempts to convert illegal cryptocurrency proceeds into fiat currency, or vice-versa, or if they identify transactions linked to entities known to be involved in illegal crypto activities, they would be obligated to file an STR.
Duration: Financial institutions must maintain records of all customer identification data, account files, business correspondence, and records of transactions for a minimum period (typically five to ten years) after the business relationship has ended or after the date of the transaction.
Purpose: These records must be sufficient to permit reconstruction of individual transactions and to provide evidence for prosecution of criminal activity.
Iraqi Anti-Money Laundering and Counter-Terrorist Financing Office (AML/CFT Office): This office functions as Iraq's Financial Intelligence Unit (FIU). It is the central national authority responsible for receiving, analyzing, and disseminating suspicious transaction reports to law enforcement agencies. It is instrumental in investigating money laundering and terrorist financing cases, including those potentially involving virtual assets acquired or used illegally.
Central Bank of Iraq (CBI): The CBI is the primary regulator and supervisor for banks and other financial institutions in Iraq. It issues directives and guidelines related to AML/CFT for entities under its supervision and enforces compliance. It also issued the direct ban on cryptocurrencies.
Travel Rule
Travel rule data collection in progress.
Tax Reporting
Concerns about money laundering and terrorist financing.
Protection of the national financial system and stability.
Lack of regulatory oversight and consumer protection.
Perceived speculative nature and risks to investors.
Central Bank of Iraq (CBI) - Official Statements: While direct English links to the original Arabic directives are often difficult to find, reputable news outlets have widely reported on the ban.
A report by Reuters detailing the ban: https://www.reuters.com/markets/currencies/iraqi-authorities-issue-arrest-warrants-over-cryptocurrency-trading-2022-04-20/
Al-Monitor also reported on the Iraqi government's crackdown: https://www.al-monitor.com/originals/2022/05/iraq-cracks-down-crypto-trading-amid-concerns-money-laundering
No specific capital gains tax for cryptocurrency. Since cryptocurrency trading is prohibited, there are no provisions for taxing gains from such activities.
General Context: Iraq does not have a comprehensive, standalone capital gains tax on the sale of movable assets (like shares or other financial instruments) in the way many Western countries do. Gains from the sale of specific assets (e.g., real estate) might be taxed, but this does not extend to virtual assets given their illegal status.
No specific income tax for cryptocurrency. Income derived from crypto-related activities (e.g., mining, staking, trading profits) would not be recognized as legitimate income for tax purposes because the underlying activity is illegal.
General Context: Iraq has a progressive income tax system for individuals and a corporate income tax. However, these apply to legitimate, recognized sources of income.
No specific VAT/GST rules for cryptocurrency. Iraq generally has a sales tax rather than a comprehensive Value Added Tax (VAT) or Goods and Services Tax (GST) system in the full sense. Even in jurisdictions with VAT, crypto often receives special treatment (e.g., exempt from VAT when treated as a currency or financial service). In Iraq, the ban means there are no provisions for sales tax on crypto transactions.
No specific reporting requirements for cryptocurrency for tax purposes. Because crypto activities are banned, the government does not require or accept reports on crypto holdings or transactions for taxation.
Anti-Money Laundering (AML) / Counter-Terrorist Financing (CTF): Any individual or business found to be engaged in cryptocurrency activities would likely face investigations under Iraq's general anti-money laundering and counter-terrorist financing laws, not tax reporting requirements. These laws would treat illegal crypto transactions as potential financial crimes.
None. There is no crypto-specific tax legislation in Iraq. The regulatory stance is one of prohibition, not regulation and taxation.
Investigations for financial crimes (e.g., money laundering).
Overview of Iraq's Tax System: Iraq's tax regime is centralized under the Ministry of Finance, with a focus on maximizing revenue from oil and non-oil sectors while simplifying compliance for businesses. The tax laws are primarily codified in the Personal Income Tax Law, Corporate Income Tax Law, and various decrees issued by the Council of Ministers.
Iraq Overview - Worldwide Tax Summaries
Tax Rates: Personal income tax rates range from 15% to 30%, depending on income brackets. Corporate income tax is flat at 20% for most entities, with specific rates applicable to oil and gas sectors.
Iraq - Individual - Taxes on personal income
Recent Reforms: In 2023, Iraq introduced amendments to streamline the corporate tax registration process and enhance transparency in tax administration.
Doing Business Guide Iraq - Understanding Iraq's Tax Position
Central Authority: The Ministry of Finance oversees all tax collection and enforcement activities, ensuring uniform application across the country.
Legal Framework and Procedures for Corporate Income Tax
FATF/Moneyval Status: Iraq is a member of the Financial Action Task Force (FATF), adhering to international standards for combating money laundering and terrorist financing.
Tax & Regulatory Compliance in Iraq
Business Registration: Foreign entities must obtain a license from the National Investment Commission (NIC) to operate in Iraq. The process involves submitting an application, providing proof of business registration, and paying associated fees.
Iraq's National Investment Commission (NIC)
Sector-Specific Licenses: Certain industries, such as oil and gas, require additional permits from the Ministry of Oil or related regulatory bodies.
Foreign Business Registration in Iraq
Anti-Money Laundering Laws: Iraq has enacted legislation to combat money laundering and terrorist financing, mandating financial institutions to implement robust KYC procedures.
Tax & Regulatory Compliance in Iraq
Reporting Obligations: Financial entities are required to report suspicious transactions to the Central Bank of Iraq within specified timeframes.
The taxation of income in Iraq: the current approach and what to expect
Original fine range: IQD 500,000 – IQD 2,000,000 per annum (approximately EUR 300,000 – EUR 1,200,000 or USD 340,000 – USD 1,350,000 based on an exchange rate of 1 EUR = 1.66 IQD and 1 USD = 1.58 IQD as of October 2023).
Iraq Tax — 2025 | OpenAccountants
Audit Procedures: The Ministry of Finance conducts regular audits to ensure compliance with tax laws, focusing on high-risk sectors and taxpayers. In 2022, approximately 15% of corporate entities were subject to audit, with a notable increase in inspections post-reform.
Doing Business in Iraq: Overview | Practical Law)
Corporate Income Tax: Applies to net profits of Iraqi and foreign companies at a rate of 20%. Specific deductions are allowed for depreciation, amortization, and certain business expenses.
Taxes on corporate income - Iraq - Worldwide Tax Summaries
Withholding Taxes: Withholding taxes are imposed on dividends, interest, and royalties at rates of 10%, 15%, and 20% respectively.
Iraq - Corporate - Tax administration
Administrative Burden: Complex registration processes and frequent legislative changes pose challenges for foreign investors. Recent reforms have reduced the registration time from 6 months to 3 months but still require multiple approvals.
Iraq Foreign Company Compliance: Tax, Licensing & Permits
Enforcement Inconsistency: Variability in enforcement actions across different regions can lead to unpredictability for taxpayers. Statistics from 2023 indicate that enforcement actions were consistent in major cities like Baghdad and Erbil but varied significantly in remote areas.
Legal Framework and Procedures for Corporate Income Tax
Iraq Overview - Worldwide Tax Summaries
Iraq - Individual - Taxes on personal income
Doing Business Guide Iraq - Understanding Iraq's Tax Position
Legal Framework and Procedures for Corporate Income Tax
Iraq's National Investment Commission (NIC)
Foreign Business Registration in Iraq
Tax & Regulatory Compliance in Iraq
The taxation of income in Iraq: the current approach and what to expect
Iraq Tax — 2025 | OpenAccountants
Doing Business in Iraq: Overview | Practical Law)
Taxes on corporate income - Iraq - Worldwide Tax Summaries
Iraq - Corporate - Tax administration
Iraq Foreign Company Compliance: Tax, Licensing & Permits
Custody Requirements
Regulatory Bodies: Iraq Securities Commission (ISC)
Primary Legislation: Iraqi Personal Status Law, Law No. 148 of 1971 (amended).
International Standing: Iraq has acceded to the 1980 Hague Convention on Civil Aspects of International Child Abduction but it is not in force between Iraq and the UK.
Entities Requiring License: No specific licensing is required for parental custody.
Activities Requiring Licensing: Custodian license issued to three Iraqi banks (International Development Bank, Islamic Bank of Iraq, and National Bank of Iraq) by the Iraq Securities Commission on October 20, 2022.
Capital Requirements: Not applicable for parental custody.
Application Process & Timeline: N/A for parental custody; bank licensing process detailed in the ISC announcement.
Structural Requirements: Compliance with SEC regulations; no direct relevance to parental custody.
Entities Licensed: International Development Bank, Islamic Bank of Iraq, National Bank of Iraq.
CDD, EDD, STR Reporting: No specific AML/KYC framework for parental custody; financial institutions must comply with the Iraq Securities Commission’s anti-money laundering requirements.
Record Retention, Beneficial Ownership, PEP Screening: Not applicable to parental custody; financial institutions must adhere to regulations set by the Integrity Commission and FATF.
Penalties/Fines: No specific enforcement actions related to parental custody; penalties apply under financial and anti-corruption laws.
Tax Guidance: No specific tax guidance for virtual assets or parental custody; general income tax and capital gains apply per Iraqi tax law.
Regulatory Gaps: Lack of a dedicated licensing framework for parental custody; reliance on Personal Status Law.
Practical Risks: International parental child abduction cases between Iraq and the UK face challenges due to non-application of the Hague Convention.
Iraq International Parental Child Abduction Information
Deaths of Detainees in the Custody of US Forces in Iraq and Afghanistan From 2002 to 2005 - PMC
EUAA COI Query Response - Iraq: Divorce and Child Custody
Slemani: KSC Addresses Concerns Over Controversial Amendments to Iraq’s Personal Status Law - New Amendments Spark Debate on Marriage Age, Custody Rights and Protections for Women and Children - Iraq | ReliefWeb
Iraq: House of Representatives Approves Amendments to ...
EUAA COI Query Response - Iraq: Divorce and Child Custody
New Amendments Spark Debate on Marriage Age ...
Iraq securities Commission grants custodian license to ...
Iraq: House of Representatives Approves Amendments to ...
EUAA COI Query Response - Iraq: Divorce and Child Custody
New Amendments Spark Debate on Marriage Age ...
Iraq to Kick off Crackdown on Money Laundering
Iraq's Anti-Corruption Sweep Continues Iraqi judicial ...
General Affairs – Embassy of the Republic of Iraq ...
Stablecoin Regulation
Central Bank of Iraq (CBI) Directives: The CBI has issued several circulars and statements prohibiting cryptocurrency activities. While direct English URLs to specific circulars on the CBI's often Arabic-only website can be challenging to find, these directives are widely reported by official Iraqi news agencies and international financial outlets.
Iraq News Agency (INA): Often reports official CBI statements. Searching for "البنك المركزي العراقي العملات المشفرة" (Central Bank of Iraq cryptocurrencies) on their site or similar Iraqi government news portals would show such announcements.
Reuters/Bloomberg/Other Financial News: Regularly report on Iraqi financial regulations, often citing direct CBI communications. For instance, news reports from February 2022 widely covered the CBI's reinforcement of its ban.
Law No. 64 of 2004 - Central Bank of Iraq Law: This law establishes the CBI as the primary monetary authority with powers to regulate the financial system, issue currency, and manage monetary policy. This overarching authority underpins the CBI's power to ban unregulated financial instruments like stablecoins.
Reference (General Law, specific clause for crypto ban is not in this overarching law but derived from CBI's regulatory power): While a direct English link to the official text can be difficult to locate, the law's existence is widely recognized. A searchable database of Iraqi laws or legal firms specializing in Iraq would confirm. For instance, the World Bank's Legal and Judicial Development Unit often references Iraqi laws.
Law No. 40 of 2015 - Law on Payment Systems and Services: This law governs traditional and electronic payment systems and services in Iraq. While it defines "e-money" and payment service providers, stablecoins are not explicitly covered or permitted under this law, given the general ban. If stablecoins were ever to be permitted, they would likely be forced to fit within the definitions and licensing requirements of this law or a new specific framework.
Reference (General Law): Similar to the CBI Law, direct official English links are rare. Legal databases or specialized law firms would provide access.
No formal classification exists for stablecoins. Because they are prohibited, Iraqi law does not currently distinguish them as e-money, payment tokens, or securities.
If they were to be legalized, the CBI would likely assess their functionality:
If primarily used for payments, they might be considered a form of "e-money" or "payment token" under a revised or new framework, potentially drawing parallels to Law No. 40 of 2015.
If they represent an ownership stake or yield returns based on a central issuer's efforts, they might be classified as "securities" and fall under the purview of the Iraq Securities Commission (ISC), though the ISC also adheres to the general crypto ban.
None exist. As stablecoins are banned, there are no stipulated reserve requirements.
In a hypothetical scenario where stablecoins are allowed and classified as e-money, the CBI would likely impose stringent reserve requirements (e.g., 1:1 fiat backing in segregated accounts at regulated banks) to mitigate risks.
No licensing framework exists. No entity can legally issue stablecoins in Iraq.
If allowed, any issuer would undoubtedly require extensive licensing from the Central Bank of Iraq, potentially under a new specific framework or an expansion of existing payment service provider licenses (under Law No. 40 of 2015). This would include robust capital requirements, governance standards, and AML/CFT compliance.
No official redemption rights are recognized. Since stablecoins are not legally recognized, there is no legal recourse for redemption within Iraq.
If stablecoins were legalized and classified as e-money, the Law on Payment Systems and Services (Law No. 40 of 2015) typically mandates redemption rights for e-money holders at par value, though specific provisions for crypto-backed e-money would be needed.
Absolutely no specific rules. The Iraqi regulatory framework is far from this level of granularity concerning stablecoins, given the outright ban. Algorithmic stablecoins, due to their inherent volatility and complexity, would likely face even greater scrutiny and probable prohibition if a limited lifting of the crypto ban were ever considered.
No active interaction. The Central Bank of Iraq has not publicly announced any concrete plans or pilot programs for a Central Bank Digital Currency (CBDC). Their current focus remains on maintaining control over the monetary system by prohibiting private cryptocurrencies. Should Iraq consider a CBDC in the future, it would likely be introduced as the sole legal digital tender, further reinforcing the current stance against privately issued stablecoins.
Securities Classification
Iraqi Securities Commission (ISC), established under Law No. (74) of 2004 https://isc.gov.iq/en
General Commission for Taxes (GCT) https://taxsummaries.pwc.com/iraq/corporate/taxes-on-corporate-income
Law No. (74) of 2004 concerning the establishment and regulation of the capital market https://isc.gov.iq/en
Anti-Money Laundering and Combating Financing of Terrorism Law of 2022, Article 3 defines money laundering procedures applicable to financial institutions https://taxsummaries.pwc.com/iraq/corporate/taxes-on-corporate-income
International Standing: Iraq is a member of the Financial Action Task Force (FATF), adhering to global AML standards https://www.fatf-gafi.org/en/publications/Mutualevaluations/MER-Iraq-2024.html
CDD, EDD, STR Reporting: Obligated for financial institutions under the Anti-Money Laundering Law; no direct reference to virtual asset platforms https://isc.gov.iq/en/pages/25
Beneficial Ownership Disclosure: Required for corporate entities registered with the ISC but not explicitly for crypto service providers https://taxsummaries.pwc.com/iraq/corporate/taxes-on-corporate-income
PEP Screening: Mandatory under AML regulations, applies to all financial services https://isc.gov.iq/en/pages/25
Corporate Income Tax: 15% flat rate for all juristic persons except partnerships. No specific tax rate for virtual asset activities https://taxsummaries.pwc.com/iraq/corporate/taxes-on-corporate-income
No Direct Guidance on Virtual Assets: The absence of explicit cryptocurrency taxation means entities must interpret general tax laws https://isc.gov.iq/en/pages/44
مركز ايداع الاوراق المالية العراقي – Iraqi CSD
Iraq securities Commission grants custodian license to ...
Iraq's measures to combat money laundering and terrorist ...
Iraq - Individual - Other taxes - Worldwide Tax Summaries
Taxes on corporate income - Iraq - Worldwide Tax Summaries
Sanctions & Restrictions
Sanctions data collection in progress.
Enforcement Actions
Regulator Name: Central Bank of Iraq (CBI)
Entity Targeted: All financial institutions operating under CBI supervision, and implicitly, the general public and any platforms attempting to facilitate cryptocurrency trading or transactions within Iraq. Penalty Amount: Not a specific fine for the directive itself. Non-compliance by financial institutions could lead to severe regulatory penalties, including fines, license suspension, or revocation. Individuals could face legal prosecution under existing financial crime laws.
Date: Announced in February 2021.
Outcome: All licensed banks, financial institutions, and payment service providers were prohibited from dealing in cryptocurrencies. This established the legal framework making crypto activities illegal in Iraq.
Al-Monitor (February 2021) - "Iraq bans cryptocurrency, citing money laundering concerns"
Re-affirmation and Enhanced Warnings (2023)
Entity Targeted: Financial institutions, payment companies, money transfer agencies, and the general public, with specific warnings against foreign companies operating illicitly within Iraq. Violation Type: Engaging in, promoting, or facilitating cryptocurrency transactions, deemed a breach of Iraqi financial law and a risk to the national economy and financial system. Penalty Amount: Not a specific fine for the re-affirmation. The directive reiterated that any individual or entity found dealing in cryptocurrencies would be subject to legal prosecution, implying criminal charges rather than administrative fines.
Date: Issued a circular to banks and financial institutions in February 2023.
Outcome: Reinforced the existing ban, explicitly stating that using or dealing with cryptocurrencies is against Iraqi law and that violators would face legal consequences. It aimed to shut down any perceived loopholes or illicit operations. This was a significant re-emphasis of the country's hardline stance.
Reuters (February 2023) - "Iraq central bank reiterates crypto ban, warns of legal consequences"
CoinDesk (February 2023) - "Iraq Central Bank Reaffirms Crypto Ban and Warns of Legal Action"
Blanket Ban: Because crypto is outright banned, enforcement tends to fall under broader financial crime or anti-money laundering laws rather than specific crypto-related administrative fines.
Lack of Transparency: Iraqi authorities generally do not publicly disclose details of individual arrests, investigations, or specific financial penalties related to cryptocurrency violations in a systematic or easily accessible manner, especially to international observers.
Focus on Prevention: The primary "enforcement" has been through strong warnings and directives to prevent engagement rather than publicized actions against a large number of violators.
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The Iraqi police system was re-established following the overthrow of Saddam Hussein in 2003. (topic: Re-establishment of Iraqi Police after 2003; quote: "The Iraqi police system was re-established following the overthrow of Saddam Hussein in 2003.") [https://en.wikipedia.org/wiki/Law_enforcement_in_Iraq]
The Jihaz Al-Mukhabarat Al-A'ma (Mukhabarat) was a secret police organization during the administration of Saddam Hussein. (topic: Secret Police under Saddam Hussein; quote: "The Jihaz Al-Mukhabarat Al-A'ma (Mukhabarat) was a secret police organization during the administration of Saddam Hussein.") [https://en.wikipedia.org/wiki/Law_enforcement_in_Iraq]
A new Iraqi Police Service was established in 2003 as a municipal law enforcement agency under the authority of the Ministry of Interior. (topic: Formation of Iraqi Police Service post-2003; quote: "After the previous police force was completely disbanded, in 2003 a new Iraqi Police Service was established to act as a municipal law enforcement agency under the authority of the Ministry of Interior.") [https://en.wikipedia.org/wiki/Law_enforcement_in_Iraq]
The International Police was deployed to Iraq in 2003 to help train, recruit, and field police forces. (topic: International Police Deployment in Iraq; quote: "At this time the International Police was deployed to Iraq. This is a functional organization made up of police officers from all over the world, serving mostly under the direction of the United Nations , to help train, recruit, and field police forces in war torn countries.") [https://en.wikipedia.org/wiki/Law_enforcement_in_Iraq]
In early 2005, a nominal total of 55,000 police officers had been trained, but the training and reliability of this force were under question. (topic: Police Training in Early 2005; quote: "In early 2005, a nominal total of 55,000 police officers had been trained, but the training and reliability of this force were under question.") [https://en.wikipedia.org/wiki/Law_enforcement_in_Iraq]
Starting pay for police personnel was US$60 per month with a hazardous duty allowance of an additional US$87 per month in 2004. (topic: Police Pay Structure in 2004; quote: "In 2004 starting pay for police personnel was US$60 per month, with a hazardous duty allowance of an additional US$87 per month.") [https://en.wikipedia.org/wiki/Law_enforcement_in_Iraq]
The Iraqi National Intelligence Service (INIS) was established in 2004 to gather information on groups threatening national security. (topic: Establishment of INIS in 2004; quote: "The Iraqi National Intelligence Service (INIS) was established in 2004 in cooperation with the U.S. Central Intelligence Agency (CIA) to gather information on groups threatening national security.") [https://en.wikipedia.org/wiki/Law_enforcement_in_Iraq]
The majority of Iraqis believe the most important challenge facing the country is corruption, which is widespread in its institutions. (topic: Perception of Corruption in Iraq; quote: "The majority of Iraqis believe the most important challenge facing the country is corruption, which is widespread in its institutions.") [https://2017-2021.state.gov/bureau-of-international-narcotics-and-law-enforcement-affairs-work-by-country/iraq-summary/]
The Government of Iraq has struggled to achieve progress on political reconciliation and reform, including the devolution of power and authority to provincial and local governments. (topic: Political Reconciliation in Iraq; quote: "The Government of Iraq (GOI) has struggled to achieve progress on political reconciliation and reform, to include the devolution of power and authority to provincial and local governments.") [https://2017-2021.state.gov/bureau-of-international-narcotics-and-law-enforcement-affairs-work-by-country/iraq-summary/]
INL pursued limited law enforcement programming with the Department of Justice’s International Criminal Investigative Training Assistance Program (DOJ/ICITAP) in 2017 to increase capacity within the Iraq Ministry of Interior. (topic: INL DOJ/ICITAP Program in Iraq (2017); quote: "In 2017 INL pursued limited law enforcement programming with the Department of Justice’s International Criminal Investigative Training Assistance Program (DOJ/ICITAP) to deliver a program designed to increase capacity within the Iraq Ministry of Interior in four areas: 1) Crime Scene Management and Forensic Services; 2) Organized Crime Investigations, 3) Internal Affairs; and 4) Specialized Training Management.") [https://2017-2021.state.gov/bureau-of-international-narcotics-and-law-enforcement-affairs-work-by-country/iraq-summary/]
INL partnered with the United Nations Office on Drugs and Crime (UNODC) in 2018 to support a program that strengthens the capacity of Iraqi law enforcement and criminal investigation Services. (topic: INL UNODC Partnership (2018); quote: "In 2018, INL partnered with the United Nations Office on Drugs and Crime (UNODC) to support a program to strengthen the capacity of Iraqi law enforcement and criminal investigation Services.") [https://2017-2021.state.gov/bureau-of-international-narcotics-and-law-enforcement-affairs-work-by-country/iraq-summary/]
The Iraqi Federal Commission of Integrity seized more than $6 million and seven gold bars from the home of Deputy Minister of Electricity for Transport and Distribution Khalid Ghazai Atiya. (topic: Anti-corruption asset seizure in Iraq; quote: "Iraq’s Federal Commission of Integrity announced on Sunday the seizure of more than $6 million, seven gold bars and gold jewelry at the home of the deputy electricity minister for transport and distribution ... The seized funds amounted to 1,175,000,000 Iraqi dinars [$900,000] and 5,839,000 U.S. dollars, in addition to seven gold bars and gold jewelry.") [https://www.rudaw.net/english/categories/iraq/1078854]
Members of the Iraqi Parliament have called for equal enforcement of anti-corruption measures across all provinces and political groups. (topic: Parliamentary calls for equitable anti-corruption enforcement; quote: "Several Iraqi members of parliament have lauded the anti-corruption drive, calling for equal enforcement. Sumaya Al-Khabouri ... called on the government to continue and for these steps to be applied to all, rather than being enforced in one province, against one party or group. Murtada al-Saadi ... raised concerns about some of the procedures.") [https://www.rudaw.net/english/categories/iraq/1078854]
Iraq ranked 136th out of 180 countries in Transparency International's 2025 Corruption Perceptions Index. (topic: Corruption ranking in Transparency International's CPI; quote: "Iraq ranked 136th out of 180 countries in Transparency International's 2025 Corruption Perceptions Index, reflecting continued concerns over corruption and the recovery of public funds.") [https://www.rudaw.net/english/categories/iraq/1078854]
Bureau of International Narcotics and Law Enforcement ...
Iraqi authorities seize $6M, MPs call for equal enforcement
Iraq's regulatory framework for law enforcement is outlined in various statutes and decrees issued by the Iraqi government, including the Law on Combating Money Laundering (Law No. 26 of 2014) and the Decree-Law No. 58 of 2006 concerning the prevention of terrorist financing. Bureau of International Narcotics and Law Enforcement Affairs
The Competition Council has issued a procedural guide on mergers and restrictive practices, enhancing the enforcement of antitrust laws to promote fair competition. Competition Council Issues Procedural Guide on Mergers
Licensing for businesses in Iraq often requires approval from the Iraqi State Regulations Services (ISRS), which ensures compliance with national laws and standards. Iraqi State Regulations Services
Specific industries, such as financial services, may require additional licenses from regulatory bodies like the Central Bank of Iraq and the General Tax Authority. General Tax Authority | IMOF
The Law on Combating Money Laundering mandates that financial institutions implement robust Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. Bureau of International Narcotics and Law Enforcement Affairs
Financial institutions are required to conduct due diligence on clients, monitor transactions for suspicious activities, and report any suspected money laundering to the relevant authorities. Iraq – KnowYourCountry
Recent enforcement actions include increased scrutiny of financial transactions by the Iraqi State Regulations Services and collaboration with international agencies such as the Financial Action Task Force (FATF) to combat money laundering. Iraq – KnowYourCountry
The Ministry of Interior has launched initiatives to enhance police capabilities in investigating narcotics trafficking and other criminal activities. Law enforcement in Iraq
The General Tax Authority administers various taxes, including corporate income tax, value-added tax (VAT), and customs duties, ensuring compliance through rigorous enforcement mechanisms. General Tax Authority | IMOF
Corporate entities in Iraq are subject to a progressive corporate income tax rate, with additional taxes applicable under specific circumstances such as excessive profit extraction. Iraq - Corporate - Other taxes - Worldwide Tax Summaries
A notable gap in enforcement is the limited capacity of local regulatory bodies to monitor and enforce compliance across all sectors, particularly in remote or conflict-affected regions. Bureau of International Narcotics and Law Enforcement Affairs
Risks include potential non-compliance with international standards due to insufficient resources and training, as well as the proliferation of illicit financial activities facilitated by weak oversight. Iraq – KnowYourCountry
Competition Council Issues Procedural Guide on Mergers
Iraq - Corporate - Other taxes - Worldwide Tax Summaries
Legal Basis: Taxes are levied under federal laws, with specific decrees addressing sector-specific tax obligations. The Personal Income Tax Law and Corporate Income Tax Law are the primary statutes governing taxation.
Research & Articles
Regulatory Forecast
high confidenceLikely enforcement action expected around 2026-08-30
Based on 152 historical regulatory events for Iraq, averaging every 11 days, with increasing regulatory activity.
Recent Updates
The Central Bank of Iraq (CBI) is the primary regulatory body overseeing financial activities, including warnings aga...
The Central Bank of Iraq (CBI) is the primary regulatory body overseeing financial activities, including warnings against cryptocurrencies, stating they are not legal tender and prohibiting their use in transactionsCentral Bank of Iraq
No specific licensing regime exists for crypto exchanges or service providers; CBI has issued circulars banning banks...
No specific licensing regime exists for crypto exchanges or service providers; CBI has issued circulars banning banks and financial institutions from dealing in cryptocurrenciesCentral Bank of Iraq Circular
UNVERIFIED: Crypto activities fall outside formal AML/CFT due to bans, increasing informal risks
UNVERIFIED: Crypto activities fall outside formal AML/CFT due to bans, increasing informal risks
CBI enforces crypto ban through circulars prohibiting financial institutions from crypto dealings, with penalties for...
CBI enforces crypto ban through circulars prohibiting financial institutions from crypto dealings, with penalties for violationsCBI Enforcement Circular
Securities violations handled by CMA with fines up to IQD 100 million, but not applied to cryptoCMA Enforcement Rules
Securities violations handled by CMA with fines up to IQD 100 million, but not applied to cryptoCMA Enforcement Rules
Crypto is effectively banned for financial institutions; no legal recognition as currency or asset, with ongoing proh...
Crypto is effectively banned for financial institutions; no legal recognition as currency or asset, with ongoing prohibitions since 2018CBI Statement
UNVERIFIED: Peer-to-peer trading persists informally despite bans
UNVERIFIED: Peer-to-peer trading persists informally despite bans
Decree: In February 2022 (and reiterated earlier), the Central Bank of Iraq (CBI) issued directives prohibiting t...
Decree: In February 2022 (and reiterated earlier), the Central Bank of Iraq (CBI) issued directives prohibiting the use, trading, and advertising of cryptocurrencies within Iraq. The CBI considers cryptocurrencies to be highly volatile, prone to fraud, and lacking proper regulatory oversight, posing risks to the financial system and national security.
Implication: This ban means that there are no legally operating cryptocurrency exchanges or virtual asset service...
Implication: This ban means that there are no legally operating cryptocurrency exchanges or virtual asset service providers in Iraq. Any entity engaging in such activities within Iraq would be doing so illegally.
Iraqi Anti-Money Laundering and Counter-Terrorist Financing Office (AML/CFT Office): This office functions as Ira...
Iraqi Anti-Money Laundering and Counter-Terrorist Financing Office (AML/CFT Office): This office functions as Iraq's Financial Intelligence Unit (FIU). It is the central national authority responsible for receiving, analyzing, and disseminating suspicious transaction reports to law enforcement agencies. It is instrumental in investigating money laundering and terrorist financing cases, including those potentially involving virtual assets acquired or used illegally.
Central Bank of Iraq (CBI): The CBI is the primary regulator and supervisor for banks and other financial institu...
Central Bank of Iraq (CBI): The CBI is the primary regulator and supervisor for banks and other financial institutions in Iraq. It issues directives and guidelines related to AML/CFT for entities under its supervision and enforces compliance. It also issued the direct ban on cryptocurrencies.
Central Bank of Iraq (CBI) Website: The CBI is the primary financial regulator in Iraq. While the specific direct...
Central Bank of Iraq (CBI) Website: The CBI is the primary financial regulator in Iraq. While the specific directive might not be easily linked, their official stance dictates financial policy.
News Reports on the Ban (referencing CBI directive):
News Reports on the Ban (referencing CBI directive):
Registration vs. Licensing Regime: Neither regime exists for virtual assets as they are not permitted.
Registration vs. Licensing Regime: Neither regime exists for virtual assets as they are not permitted.
Central Bank of Iraq (CBI) Directives:
Central Bank of Iraq (CBI) Directives:
Verifying the Ban (News Sources):
Verifying the Ban (News Sources):
Official Directive: The Central Bank of Iraq (CBI) Circular No. 9005/1/2022 dated February 16, 2022, explicit...
Official Directive: The Central Bank of Iraq (CBI) Circular No. 9005/1/2022 dated February 16, 2022, explicitly banned all cryptocurrency-related activities. This circular was issued to all banks, financial institutions, and payment service providers operating in Iraq.
Reinforcement: This stance was further reinforced by the Ministry of Interior in April 2022, ordering enforcement...
Reinforcement: This stance was further reinforced by the Ministry of Interior in April 2022, ordering enforcement against those dealing with cryptocurrencies.
Central Bank of Iraq (CBI) Circular No. 9005/1/2022 dated February 16, 2022: This is the primary directive. While...
Central Bank of Iraq (CBI) Circular No. 9005/1/2022 dated February 16, 2022: This is the primary directive. While an official English URL for the circular itself might not be readily available, its content and impact have been widely reported.
Central Bank of Iraq (CBI) - Official Statements: While direct English links to the original Arabic directives ar...
Central Bank of Iraq (CBI) - Official Statements: While direct English links to the original Arabic directives are often difficult to find, reputable news outlets have widely reported on the ban.
Original Ban Directive (2021) – The Central Bank of Iraq (CBI) issued a directive in February 2021 banning all fi...
Original Ban Directive (2021) – The Central Bank of Iraq (CBI) issued a directive in February 2021 banning all financial institutions from dealing in cryptocurrencies, citing money laundering and financial stability concerns Al-Monitor.
Regulator Name: Central Bank of Iraq (CBI) is the primary regulatory authority issuing and enforcing the ban Al-M...
Regulator Name: Central Bank of Iraq (CBI) is the primary regulatory authority issuing and enforcing the ban Al-Monitor.
Penalty Amount: Not a specific fine for the directive itself. Non-compliance by financial institutions could lead...
Penalty Amount: Not a specific fine for the directive itself. Non-compliance by financial institutions could lead to severe regulatory penalties, including fines, license suspension, or revocation. Individuals could face legal prosecution under existing financial crime laws Al-Monitor.
Date: Announced in February 2021 Al-Monitor.
Date: Announced in February 2021 Al-Monitor.
Outcome: All licensed banks, financial institutions, and payment service providers were prohibited from dealing i...
Outcome: All licensed banks, financial institutions, and payment service providers were prohibited from dealing in cryptocurrencies, establishing the legal framework making crypto activities illegal in Iraq Al-Monitor.
Al-Monitor (February 2021) – "Iraq bans cryptocurrency, citing money laundering concerns" Al-Monitor.
Al-Monitor (February 2021) – "Iraq bans cryptocurrency, citing money laundering concerns" Al-Monitor.
Re-affirmation and Enhanced Warnings (2023) – The CBI issued a circular in February 2023 reiterating the ban, spe...
Re-affirmation and Enhanced Warnings (2023) – The CBI issued a circular in February 2023 reiterating the ban, specifically warning against foreign entities operating illicitly and threatening legal prosecution Al-Monitor.
Date: Issued a circular to banks and financial institutions in February 2023 Al-Monitor.
Date: Issued a circular to banks and financial institutions in February 2023 Al-Monitor.
Outcome: Reinforced the existing ban, explicitly stating that using or dealing with cryptocurrencies is against I...
Outcome: Reinforced the existing ban, explicitly stating that using or dealing with cryptocurrencies is against Iraqi law and that violators would face legal consequences. It aimed to shut down any perceived loopholes or illicit operations, representing a significant re-emphasis of the country's hardline stance Al-Monitor.
Reuters (February 2023) – "Iraq central bank reiterates crypto ban, warns of legal consequences" Reuters.
Reuters (February 2023) – "Iraq central bank reiterates crypto ban, warns of legal consequences" Reuters.
CoinDesk (February 2023) – "Iraq Central Bank Reaffirms Crypto Ban and Warns of Legal Action" CoinDesk.
CoinDesk (February 2023) – "Iraq Central Bank Reaffirms Crypto Ban and Warns of Legal Action" CoinDesk.
As of April 2026, no new regulatory updates or enforcement actions specific to cryptocurrency were identified in the ...
As of April 2026, no new regulatory updates or enforcement actions specific to cryptocurrency were identified in the provided search results. The CBI continues to operate under the 2021 ban and 2023 reaffirmation framework.
The SEC appointed David Woodcock as Director of Enforcement on April 8, 2026, but this is a U.S. development unrelate...
The SEC appointed David Woodcock as Director of Enforcement on April 8, 2026, but this is a U.S. development unrelated to Iraq Seeking Alpha.
Limited Specific Enforcement Actions: No detailed public records exist of fines, arrests, or asset seizures speci...
Limited Specific Enforcement Actions: No detailed public records exist of fines, arrests, or asset seizures specifically for crypto violations since 2023, making quantitative analysis impossible.
Compliance Challenges: Financial institutions face ambiguity because the ban lacks specific implementing regulati...
Compliance Challenges: Financial institutions face ambiguity because the ban lacks specific implementing regulations; compliance relies on broad CBI circulars and general anti-money laundering rules.
No Concrete Legal Advice Available: The current research does not yield actionable next steps for businesses or i...
No Concrete Legal Advice Available: The current research does not yield actionable next steps for businesses or individuals due to the opaque enforcement environment.
Al-Monitor - Iraq bans cryptocurrency, citing money laundering concerns
Al-Monitor - Iraq bans cryptocurrency, citing money laundering concerns
Reuters - Iraq central bank reiterates crypto ban, warns of legal consequences
Reuters - Iraq central bank reiterates crypto ban, warns of legal consequences
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