By John Lee.
Iraq has taken initial steps towards establishing a comprehensive regulatory framework for virtual and digital assets, aligned with international best practices.
The first meeting of the National High Committee for the Regulation of Virtual Assets was held in Baghdad at the Central Bank of Iraq (CBI), bringing together senior representatives from regulatory, legal, financial, supervisory, technical and communications bodies. The committee reviewed global developments in digital assets and examined international regulatory models that balance financial innovation with monetary and financial stability.
Discussions focused on compliance with anti-money laundering and counter-terrorism financing requirements, mitigation of cyber risks, and the need for clear definitions, accurate classifications and a flexible, risk-based regulatory approach. The proposed framework aims to enhance transparency, protect users, improve service efficiency and establish a modern licensing environment.
The initiative forms part of a broader government strategy to build a secure and sustainable digital financial ecosystem, strengthen financial inclusion, and ensure the national financial system is prepared for rapid technological change while safeguarding Iraq's monetary sovereignty.
(Source: Central Bank of Iraq)
The post CBI: Iraq to Develop Regulatory Framework for Virtual Assets first appeared on Iraq Business News.
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