• The head of the Iran Blockchain Association has called for a special council on cryptocurrency laws

  • The Blockchain Association has offered to help the Islamic state with cryptocurrency regulations.

    Authorities in Iran, according to the country’s main blockchain organization, have been lax in enforcing cryptocurrency laws. The association is concerned about the government’s inaction and has offered its assistance to regulators who it believes are unprepared to handle such a difficult task.

    Iranian regulators, such as the Central Bank of Iran (CBI), are unable to regulate digital assets, according to Abbas Ashtiani, head of the Iran Blockchain Association (IBA). The IBA has requested the formation of a “independent counsel” to assume responsibility.

    Ashtiani explained during a press conference held on Tuesday:

    “A special council of representatives from state bodies and private enterprise is required to draft cryptocurrency regulations.” Given the multidimensionality of the issue, the CBI or the Security and Exchange Organization are not qualified [enough] to set rules for cryptos.”

    While Bitcoin (BTC) mining is legal in Iran, using cryptocurrency to make payments is not. Banks and licensed money changers, on the other hand, are permitted to use digital currency generated by authorized miners in Iran to pay for imports.

    Miners must obtain a license from the Ministry of Industries and pay power bills based on export pricing. According to the most recent data from earlier this year, approximately 30 businesses in the country have obtained mining licenses.

    However, concerns about underground mining remain a problem in the country. The CEO of the Tehran Stock Exchange resigned on September 29 after discovering Bitcoin miners in the basement.

    In response to government officials’ concerns about illegal activities related to cryptocurrency mining and trading, Ashtiani stated that the Iran Blockchain Association understands lawmakers’ concerns and assures them that they will be addressed:

    “We are prepared to assist in the establishment of rules that will help ensure that cryptos have a positive impact on the economy while minimizing criminality.”

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