Iraq’s Central Bank Bans Cryptocurrency Trade: A Crackdown on Financial Crime

Iraq’s Central Bank Prohibits Cryptocurrency Use

In a move aimed at curbing financial crime in the country, Iraq’s Central Bank has issued a statement prohibiting the use of cryptocurrencies. The bank warned that currency traders who carry out transactions in cryptocurrencies would be penalized under penalties outlined in the country’s anti-money laundering law.

Global Regulatory Uncertainty Surrounds Cryptocurrency Trade

However, Iraq is not alone in its efforts to regulate digital currencies. Many countries around the world have yet to enact laws governing cryptocurrencies, leaving the legality of crypto mining unclear for most nations. The Financial Crimes Enforcement Network (FinCEN) considers crypto miners as money transmitters and may be subject to laws that govern that activity.

Countries with Regulatory Uncertainty

India: Regulatory uncertainty surrounds cryptocurrency trade.
Canada: Generally more favorable towards crypto mining.
United States: Generally more favorable towards crypto mining.
Israel: Crypto mining is treated as a business and is subject to corporate income tax.

Despite this lack of clarity, very few countries have banned cryptocurrency-related activities outright. Freeman Law’s Cryptocurrency Law Resource page provides a comprehensive summary of the legal status of cryptocurrency in each country around the world, including statutory or regulatory provisions governing digital currencies.

What’s Next?

As concerns over financial crime and money laundering continue to grow, it remains to be seen how other nations will address the issue of cryptocurrencies. In the meantime, Freeman Law is available to help individuals and businesses navigate the complex landscape of cryptocurrency law and regulation.

Contact Us

Contact us today to schedule a consultation or call (214) 984-3410 to discuss your concerns about blockchain technology and digital currencies.