According to the most important blockchain organization in Iran, the authorities are showing leniency in enforcing cryptocurrency laws. The Association is concerned about the lack of action by the authorities and is providing assistance to regulators, which, in its opinion, are not sufficiently prepared to tackle such a complex task.
Abbas Ashtiani, head of the Iranian Blockchain Association (IBA), said Iranian regulators like the Central Bank of Iran (CBI) cannot regulate digital assets. According to a Financial Tribune report, the International Bar Association turned to an “independent advisor.”
At a press conference on Tuesday, Ashtiani explained:
“We need a separate supervisory board from government agencies and private organizations to prepare regulations on cryptocurrency. The CBI or Security and Exchange Institution is not [sufficiently] qualified to set rules for cryptocurrency due to the multidimensionality of the problem. ”
Although Bitcoin (BTC) mining is allowed in Iran, no cryptocurrency is used for payments. However, authorized banks and exchange offices are allowed to use the digital currency created by authorized miners in Iran to pay for imports.
Miners must obtain a license from the Ministry of Industry and pay an electricity bill based on export prices. According to the latest data obtained earlier this year, about 30 companies have received mining licenses in the country.
However, concerns about underground mining remain a concern for the country. As reported by Cointelegraph on September 29, the CEO of the Tehran Stock Exchange left after bitcoin miners were discovered in their basement.
In response to the government’s concerns about illegal activities related to mining and cryptocurrency trading, Ashtiani said the Iranian Blockchain Association understands legislators and assures them that their concerns will be addressed:
“We stand ready to help establish rules that will help ensure the positive impact of cryptocurrencies on the economy while reducing crime.”