The Central Bank of Iran (CBI) has approved a regulatory framework for the cryptocurrency industry
Attempts to impose limitations have failed. Instead, we aim to manage their risks and capitalize on their benefits, including job creation and bypassing sanctions
The Central Bank of Iran (CBI) has approved a regulatory framework for the cryptocurrency industry in the country. According to sources, the bank’s approval of the ‘Policy and Regulatory Framework for Cryptocurrencies’ puts it in the role of the industry’s regulator in the country, with the responsibility of regulating and balancing its oversight with economic development.
The framework details providing licenses to brokers and crypto custodians, which will be overseen by the CBI. The bank will also ensure that these firms follow anti-money laundering (AML), crypto tax, and counter-terrorism financing (CTF) laws.
According to the CBI’s governor, Mohammadreza Farzin, the bank will work with agencies like the Ministry of Finance and Economic Affairs to create an industry-friendly regulatory framework for the crypto sector.
CBI governor details benefits of crypto to Iran
According to the CBI governor, the country wants to use the crypto regulatory framework to leverage the potential of the assets in the space.
Minister of Economic Affairs Abdolnasser Hemmati also echoed the same sentiments, noting that the government has no intention of stifling the asset’s potential. “Attempts to impose limitations have failed. Instead, we aim to manage their risks and capitalize on their benefits, including job creation and bypassing sanctions,” Hemmati said.
