ERBIL, Kurdistan Region - The Kurdistan Regional Government’s (KRG) interior ministry said Sunday that there is no legal framework for trading electronic currencies, warning of legal consequences for those involved.
“The current laws and regulations ban every transaction in those areas,” the interior ministry said in a statement, adding that no company involved in trading electronic and virtual currencies is licensed in Iraq.
Virtual currencies such as Forex and Tether are increasingly used in global financial markets but remain largely unregulated in Iraq and the Kurdistan Region.
“Any person or group operating under the guise of a company in this area will have their business closed and will be held accountable,” the statement added.