Iraq media regulator warns citizens over cryptocurrency risks

BAGHDAD, Iraq — The Iraqi Media and Communications Commission has issued a public advisory warning citizens about the financial and legal risks of trading in digital currencies and other virtual assets. It said transactions conducted through unlicensed platforms or platforms of uncertain origin could have serious consequences. The commission said activities involving digital assets remain subject to regulations and decisions issued by the competent authorities. Trading, promotion or facilitation of such transactions should not be assumed to be permitted without conditions, it added. Citizens were advised to avoid any transaction that violates applicable laws and to verify the legal position of official authorities before proceeding. The regulator also warned against promises of rapid returns, advertisements for unverified schemes and transferring money to unidentified parties. It urged the public not to share banking information, passwords or verification codes with anyone.