dailyloe.com – The Kurdistan Region’s Ministry of Interior has issued a directive banning cryptocurrency trading and Forex transactions.
This decision, announced on Sunday, prohibits both citizens and commercial entities from engaging in digital currency activities.
The ministry stated that these transactions are legally forbidden and warned of enforcement actions against violators.
The ban reflects the regional administration’s firm stance against digital assets and speculative trading platforms.
The ministry’s statement indicated that cryptocurrencies, including stablecoins like USDT, lack a legal framework in the Kurdistan Region and Iraq.
It emphasized that this decision aligns with national regulatory policies and directives from the Central Bank of Iraq (CBI) and the KRG Ministry of Finance.
Enforcement measures will involve identifying and closing offices that claim to operate as legitimate companies.
Individuals associated with these activities will be referred to the judiciary for prosecution.
The KRG Interior Ministry urged citizens to avoid cryptocurrency transactions to protect their savings.
It also called on individuals who have lost funds to pursue legal avenues to reclaim their assets.
The ban on cryptocurrency trading is primarily focused on consumer protection and financial security.
The ministry noted that without an official framework, those involved in digital currency speculation face risks from market volatility and fraud.
This decision reflects long-standing national concerns regarding unregulated digital currencies.
Kurdistan24 investigations show that Iraq’s opposition to cryptocurrencies is rooted in fears of risks to its financial system and national security.
The CBI has consistently cited these concerns in its stance against cryptocurrencies.
