The Erbil General Security Directorate has issued a statement declaring a ban on transactions involving all forms of electronic and metal currencies, including Forex and USDT, within the Kurdistan Region. According to the statement released on Tuesday, the use of Forex and electronic currency companies is prohibited, with these activities being unauthorized in both the Kurdistan Region and Iraq.
The decision is based on directives from the Central Bank of Iraq, the Ministry of Finance and Economy of the Kurdistan Region, and the Ministry of Finance, which have indicated that there are no existing laws or regulations to govern such currencies.
Additionally, the Erbil General Security Directorate clarified that companies operating under various names to facilitate forex transactions or offering courses on trading electronic currencies are illegal and unauthorized.
This move comes after several complaints from citizens regarding these activities. The security forces have urged the public to refrain from engaging in such transactions and warned against falling for the promotions of companies involved in these operations.
Furthermore, the security forces cautioned companies and projects advertising Forex and metal currencies via social media, stating that legal action will be taken against any such entities that violate the regulations.