Peregraf — The Ministry of Interior of the Kurdistan Regional Government announced that no companies dealing in electronic currencies such as Tether (USDT) or Forex trading are licensed in either the Kurdistan Region or federal Iraq, declaring all such transactions illegal.
In a statement issued on May 3, the ministry said the decision was made in coordination with the Central Bank of Iraq and the Kurdistan Region’s Ministry of Finance and Economy, citing the absence of a legal framework to protect citizens’ rights.
All Transactions Prohibited
The ministry stated that:
No company operating in electronic currencies or Forex trading holds an official license in the Kurdistan Region or Iraq
All transactions in these sectors are prohibited under current laws and regulations
Any entity operating under the guise of a company will face closure and legal action
Authorities warned that individuals or groups engaged in such activities would be held accountable and their offices shut down.
Warning to Citizens
The Interior Ministry urged citizens to avoid engaging in cryptocurrency and Forex transactions to protect their financial assets.
It also advised individuals who may have existing claims or financial involvement with such entities to take steps to recover their funds.
The move reflects growing concerns among authorities over unregulated financial activities and potential risks to investors in the absence of clear legal protections.