Bitcoin News and Finance
Central Bank of Iran Should Regulate Cryptocurrencies, Securities Watchdog Says Skip to main content

Central Bank of Iran Should Regulate Cryptocurrencies, Securities Watchdog Says

Central Bank of Iran Should Regulate Cryptocurrencies, Securities Watchdog Says

With bitcoin mining being a regulated activity in Iran, the head of the country’s securities and exchange regulator believes the central bank has to turn its attention to cryptocurrencies. The regulator is ready to consider accommodating crypto trade when digital assets are regulated.

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

Iran’s Securities and Exchange Organization (SEO) has no immediate plans for hosting cryptocurrency trade in the country’s capital market but that may change if cryptocurrencies are properly regulated. That’s according to a statement by Mohammad Ali Dehqan who heads the authority.

Quoted by the Ibena news agency and the English-language Iranian business daily Financial Tribune, Dehqan noted that government rules for the mining of cryptocurrencies are currently the only crypto-related regulations. He further insisted:

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. However, Mohammad Ali Dehqan also emphasized:

We will look at the issue if the Central Bank of Iran regulates cryptocurrencies.

Iranian Authorities Under Pressure to Put Crypto Space in Order

Calls to regulate cryptocurrencies have been mounting in Iran where crypto investments have gained significant popularity. 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.

Central Bank of Iran Should Regulate Cryptocurrencies, Securities Watchdog Says

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 authors of the bill want the CBI to take charge of 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? Share your thoughts on the subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory