Erbil, Kurdistan Region – In a significant move to regulate financial activities, the Kurdistan Regional Government (KRG) has decided to form a specialized committee to shut down unauthorized electronic and digital currency exchange companies operating in the region.

The decision came during a high-level meeting chaired by the Presidency of the Council of Ministers (No. 6640) on Tuesday. The KRG’s Ministry of Interior was officially instructed to collaborate with relevant authorities to enforce the closure of all such companies, which operate under various names, including Forex and digital currency exchanges.

This action follows strict directives from the Central Bank of Iraq (CBI), which has prohibited all transactions with unlicensed electronic currency exchange platforms and digital currency firms. The new committee, comprising officials from the Ministry of Interior and other concerned agencies, will oversee the crackdown to ensure compliance with federal banking regulations.

The move aims to curb illegal financial activities, protect consumers from fraud, and maintain monetary stability in the region. Companies found violating the ban will face immediate closure and legal consequences.

Authorities have urged citizens to avoid dealing with unregulated currency exchange platforms and to rely only on licensed financial institutions. Further details on the committee’s operations and enforcement measures are expected to be announced in the coming days.