that the Central Bank of Iran should regulate cryptocurrencies

With bitcoin mining in Iran being regulated, the head the country’s securities regulator believes that the central bank must turn its attention towards cryptocurrencies. When digital assets are regulated, the regulator is open to considering accepting crypto trade.

Capital Market Regulator to Look Into Crypto Trading if Central Bank Regulates Cryptocurrencies

Iran’s Securities and Exchange Organization has no plans to host cryptocurrency trades in the country’s capital markets. However, that could change if cryptocurrencies become properly regulated. According to Mohammad Ali Dehqan, the head of the authority, this is true.

Quoted by the Ibena news agency, and the English-language Iranian business newspaper Financial Tribune, Dehqan stated that the only regulations governing crypto-related activities are government rules. Dehqan also insists:

Use of the mined cryptocurrency by the people is what the CBI should be dealing with.

The SEO official pointed out that as the Central Bank of Iran (CBI) has not made a specific announcement regarding the use of cryptocurrencies, digital currency trading in the Iranian capital market is not possible at this stage. Mohammad Ali Dehqan stressed that

is also possible.

We will examine the issue if Iran’s Central Bank regulates cryptocurrency.

Iranian Authorities under Pressure to Place Crypto Space in Order

In Iran, where crypto investments are growing in popularity, calls have been made to regulate cryptocurrency. In May, the Iranian parliament called on financial regulators to adopt a cautious approach to dealing with the matter and urged capital market authorities to create efficient investment vehicles for legal crypto trading. In June, the country’s economy minister warned the government cannot interfere with the development of crypto technologies for too long.

Last month, lawmakers proposed draft legislation that would prohibit the use of cryptocurrencies in domestic payments but at the same time, regulate crypto exchange and provide support for crypto miners. The bill’s authors want the CBI responsible for crypto market oversight. Recently, the Iranian National Tax Administration put forward a proposal to tax digital asset exchanges operating in the country and urged regulators to legalize their operations.

Iranian authorities have been trying to curb crypto trading although the CBI authorized Iranian banks and moneychangers to process cryptocurrency minted by miners inside Iran to pay for imports. Earlier in August, legal experts from the president’s administration explained the exchange between cryptocurrencies, or coin swapping, is not banned by the current regulations in the Islamic republic.

Bitcoin mining remains the one comprehensively regulated crypto business in Iran since the Tehran government recognized it as a legal industrial activity in 2019. Miners are required to apply for a permit from the Ministry of Industries which has already licensed a few dozen mining entities.

Do you expect Iranian authorities to regulate the use of cryptocurrencies in the country? Comment below to share your views.

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