2025-04-08T17:15:11+00:00
Shafaq News/ Authorities in Erbil have
issued a warning against cryptocurrency and online forex trading, describing
such activities as illegal and unregulated under Iraqi and Kurdistan Region
law.
In a statement released on Tuesday, the
Erbil General Directorate of Asayish (Security forces) said that digital and
metallic currencies—including platforms such as Forex and Tether (USDT)—are not
licensed to operate in the region and are explicitly banned by the Central Bank
of Iraq.
Despite the national ban, informal
trading platforms remain popular, particularly among young Iraqis. These
platforms, often promoted via social media or brokered through unregistered
agents, have been linked to a growing number of financial scams.
“Individuals engaging with these
platforms do so entirely at their own risk,” one financial analyst noted,
warning of a lack of consumer protection or regulatory oversight in the digital
finance sector.
Experts say Iraq’s absence of a legal
framework for digital currencies has left many citizens vulnerable to fraud and
exploitation.
Other countries in the region,
including Turkiye and Egypt, have also introduced restrictions or issued
warnings over the use of cryptocurrencies.
