According to an Iranian news outlet, ArzDigital, the parliamentary members of the country’s Islamic Consultative Assembly have proposed a bill that will condemn crypto trading without proper licensing, as a criminal act.
This implies that crypto exchange platforms will need to register with the Central Bank of Iran (CBI) to obtain the trading license required. Unlike most of the parts of the world, anyone dealing in crypto will be under strict scrutiny, whether they are trading within Iran or internationally.
According to the news report, this is Iran’s way of fighting back against decentralized financial systems, which is the foundation of cryptocurrency, while monitoring the flow of money in and out of the country.
This move by the parliament is not unfounded. Even though they operate locally, a majority of Iran’s crypto exchanges are originally registered or licensed in another country. Although the bill does not explicitly alienate these businesses, it technically makes them foreign companies operating without a license. Some of these exchanges include the popular Cryptoland and LocalBitcoins Iran.
On May 17, Justin Sun, founder of a Chinese company, TRON, revealed on his Twitter account that there would be an AMA (Ask me Anything) session between TRON and Crypto land. Such interstate collaborations raise eyebrows within the Iran government.
Back in February, a top Iranian General called for increased crypto adoption to bypass international sanctions.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
