Iran May Start Controlling Cryptocurrency Exchanges – Somag News

The Iranian Parliament has then introduced a new draft law that will allow it to control crypto exchanges and cryptocurrencies in the country. It is stated that Iran wants to add items related to crypto exchanges and cryptocurrencies to the existing foreign currency and money abduction laws.

If the bill becomes law, cryptocurrency exchanges may need to license from the central bank of the country, just like the foreign exchange offices. Although this may seem like a very positive step compared to some names, it may cause a great chaos in a country like Iran in a short time.

Cryptocurrency Community in Iran at the Edge of Uncertainty
Cryptocurrencies are still known as a fairly new asset class compared to other assets, and governments’ attitudes towards cryptocurrencies can often change. Although cryptocurrency mining is considered an official industry in Iran, applying for a license to open a crypto exchange may be risky for Iran. Potential risks include the US enforcement of both the stock market and its users.

It is also known that Iran can use cryptocurrencies against US sanctions. Decentralized cryptocurrencies, especially Bitcoin, are exempt from governments’ regulations, which may have forced Iranian authorities to pass this law. In spite of all, approving the bill submitted by Parliament can start a completely new era for the crypto money market in Iran.