The Central Bank of Iraq hosted the first meeting of the Supreme National Committee for Virtual Assets Regulation in Baghdad, chaired by Governor Ali Mohsen Al-Allaq, to start developing a national regulatory framework for digital assets, including virtual assets and crypto-assets. The committee includes senior representatives from national regulatory, legal, financial and supervisory bodies, alongside scientific, technical and communications stakeholders. The meeting reviewed the global digital-asset landscape and international regulatory models that balance innovation with monetary and financial stability, while meeting anti-money laundering and counter-terrorist financing requirements and addressing risks including cyber risk. The committee underscored the need for clear definitions and classifications, a gradual and flexible approach calibrated to risk, enhanced customer protection and transparency, improved service efficiency, and an advanced licensing environment.
Central Bank of Iraq convenes first meeting of Supreme National Committee to develop a virtual assets regulatory framework
The Central Bank of Iraq held the first meeting of the Supreme National Committee for Virtual Assets Regulation to create a national framework for digital assets, balancing innovation with financial stability and addressing risks like cyber threats and anti-money laundering. The committee stressed clear definitions, a risk-calibrated approach, enhanced customer protection, and an advanced licensing environment.