Kurdcoin CEO to Al-Monitor: lack of regulation is crypto’s biggest challenge in Iraq
Al-Monitor recently interviewed Kurdcoin founder Abdurrahman Bapir, spotlighting his unique position at the forefront of Iraq’s emerging crypto landscape. As the founder of Iraq and the Kurdistan Region’s first crypto exchange, Bapir shared how cryptocurrency has grown in popularity across the country due to systemic financial limitations and a lack of accessible investment opportunities.
“We don’t have a trading or financial system,” Bapir told Al-Monitor. “Crypto has become an alternative to what has failed them.” With 90% of Iraqis unbanked and financial infrastructure underdeveloped, digital assets are increasingly being used for savings, payments, and remittances. Kurdcoin’s network of local partners enables users to buy and sell crypto using cash, making access widespread even without bank accounts.
Bapir emphasized that the biggest challenge to crypto adoption in Iraq remains the absence of regulatory oversight. “It’s like the Wild West without oversight,” he said. “We need a framework so we and the users know our rights and obligations, to hold people accountable.”
The lack of regulation not only exposes users to fraud but hinders the development of a trusted, secure ecosystem. While countries like the UAE and Bahrain are moving forward with robust crypto frameworks, Iraq lags behind, with little official support and existing bans still technically in place.
The lack of regulation not only exposes users to fraud but hinders the development of a trusted, secure ecosystem. While countries like the UAE and Bahrain are moving forward with robust crypto frameworks, Iraq lags behind, with little official support and existing bans still technically in place.
Kurdcoin continues to fill that gap by educating users and promoting safe practices—often warning against common scams through Kurdish-language content. Despite the impact of the global crypto crash on user confidence and transaction volumes, Bapir remains bullish on the long-term benefits of crypto.
“I believe in crypto’s potential to improve the quality of life here and the world,” he said. “I hope our government and the central bank approach crypto with an open mind and see it as a door to the future, not a threat.”
This in-depth feature in Al-Monitor affirms Kurdcoin’s position as a pioneering force in Iraq’s financial future. As the first and only crypto startup in Iraq, Kurdcoin not only offers practical tools for users but also champions the creation of a regulated, accountable crypto environment to unlock the country’s economic potential.
