Iranian authorities plan to tighten control over cryptocurrency exchanges

Iranian authorities intend to incorporate digital instruments into national currency legislation. The amendments will amend the operation of local trading platforms.

In particular, companies associated with cryptocurrencies are likely to be required to undergo a specialized licensing procedure at the country’s central bank and more strictly enforce security measures during crypto exchanges. At the same time, it is not currently specifying how these innovations will affect exchanges that only have offices in Iran, but are not registered here. It is obvious that in this way the government of the Arab state is trying to limit the outflow of capital abroad, proactively justifying any actions to close or punish local crypto exchanges.

It is worth noting that the Iranian government is not very positive about cryptocurrency activities. So, in August last year, officials adopted a normative act according to which digital assets cannot be considered legal means for making payments, and in June, Iranian Energy Minister Homayun Haeri completely proposed depriving miners of government subsidies for electricity.