KRG Ministry of Interior: Dealing in Cryptocurrencies is Prohibited By Law

Reuters

Cryptocurrencies.

The Kurdistan Region's Ministry of Interior has confirmed that trading in cryptocurrencies and engaging in electronic financial speculation is illegal, citing the absence of a legal framework to protect participants.

In a statement, the Ministry warned citizens and companies against involvement in such activities, noting that the decision is in line with directives issued by the Central Bank of Iraq and the Ministry of Finance.

The Ministry clarified that digital currencies such as Tether (USDT), as well as Forex trading, are not regulated and that no officially licensed companies operate in this sector within the Kurdistan Region or Iraq more broadly.

It added that authorities will take legal action against any offices or entities operating under the guise of “companies” to conduct such activities, including closure and referral to the judiciary.

The statement also urged citizens to refrain from engaging in these transactions in order to safeguard their savings, and called on those with outstanding claims to pursue legal channels to recover their funds.



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