Country overview

#124
Iraq

Country stats

Rating Points
55
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
1.86%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
0
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
0
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
845 000
Total amount of crypto users out of the country's total population based on public data.
Taxation points
15
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
0
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
Ban
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
Ban
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
Moderate danger
The overall level of security in a given country based on open data.
Crypto Salaries
Ban
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No info
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
No info
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
No
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
No licenses exist
Good
Medium
Bad
intro

This is general info about crypto regulation in Iraq. A more precise overview will be published later. However, if you find any inaccuracy or have other feedback - please write us in telegram @ilya_ii or by e-mail - editor@cryptopenetration.com.Iraq is a country in Western Asia in the Middle East. The country has an area of 440,000 km² and a population of 43.5 million people according to Wikipedia (1).The tourism industry in Iraq is largely centered around religious sites and is primarily focused on Iraqi Kurdistan, an autonomous region that has been relatively immune to terrorist threats. It is important to note that the visa policies of these two regions vary significantly based on VisaGuide (2). If you want to visit Iraq you can get a permit on the border post. Also according to our information cryptocurrencies are very popular in Iraq because of the high inflation in the country.  

Security level

Iraq has a moderate danger security level according to our rating. Jurisdiction has 55.3 points (from 100) for safety level in Numbeo crime rating (3). The homicide level (4) is 9.4 per 100,000 inhabitants a year.

Crypto Payments

In Iraq, the use of cryptocurrencies as a means of payment is prohibited (5) by law. We do not have reliable information about the actual implementation of cryptocurrency payments in the country.

Crypto Salaries

Because crypto transactions are illegal in Iraq, we define that crypto salaries are also prohibited in the country.

Legal

The Iraqi Central Bank has issued in 2017 a statement (6) prohibiting using cryptocurrencies. It stated that currency traders who carry out cryptocurrency transactions would be punished by penalties cited in the country’s anti-money laundering law. Also in 2020 Iraqi Kurdistan Region’s High Council of Fatwa has banned (7) crypto in the region.  However, based on local research data (8) there is no direct ban on crypto in Iraq and P2P exchange between two people (not banks) may be legal. The research also clarifies that in 2021 the Iraqi Central Bank claimed that cryptocurrencies are not regulated in the country.

Taxation

Headline CIT rate is 15% (35% for certain companies in the oil and gas sector). The headline PIT rate is 15%. Capital gains are subject to the normal CIT rate under PWC (9).

Links

1) 👉🏻Iraq. Wikipedia

2) 👉🏻Visa in Iraq

3) 👉🏻Crime Index by Country 2023 Mid-Year

4) 👉🏻List of countries by intentional homicide rate

5) 👉🏻Iraq and Cryptocurrency

6) 👉🏻Bitcoin Trading Warning

7) 👉🏻 Islamic fatwa prohibits use of cryptocurrencies in Iraqi Kurdistan eKurd

8) 👉🏻Legal Status of Cryptocurrency Circulation in Iraq: Lessons from the United Arab Emirates and the United States Ghassan Adhab Atiyah, Nazura Abdul Manap, Saidatul Nadia Abd Aziz

9) 👉🏻Iraq. PWC