Iran’s President Has Called for Legal Framework For Crypto Trading

Richard Marley
June 10, 2021
2 minutes read
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Hassan Rouhani, the Iranian President, wants to legalize crypto trading and safeguard national interests when it comes to crypto.

While Bitcoin mining remains under embargo in the state, Iran is now looking for ways to legalize cryptocurrencies.

At the cabinet’s Economic Coordination Board meeting held on Tuesday, President Hassan Rouhani emphasized the importance of legalizing cryptocurrency to preserve and protect the national interest.

The president believes that the country must pay attention to the technicality of cryptocurrencies and use it to legalize digital currencies. Pointing out the risks associated with cryptocurrency trading, Rouhani stressed that awareness in this field is necessary to avoid the occurrence of fraud.

“For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”

To establish a legal framework, Rouhani has called for a joint study between different parties. He added, “the responsible agencies in the field of capital markets should cooperate with the media and cyberspace in the field of information, education and public awareness about this phenomenon and its instructions and laws”.

He also explained that crypto mining is nonetheless prohibited till the end of summer and that the Ministries of Communication and IT and Energy have cut off powers to such centres.

To meet the high demand for electricity consumption during the hot summers in Iran, a nationwide ban was imposed on crypto mining until September. In the previous month, home minors were made liable to face heavy fines if caught crypto mining through household electricity. This announcement was made by the country’s ministry of energy.

Iran is not completely hostile towards the world of cryptocurrency – authorities have been exploring its capabilities to avoid international sanctions on the country.

Additionally, Iran has become an area of interest for international minors. Attracted by the low prices of electricity, mining companies from Turkey, Ukraine, China and elsewhere have been budding mining farms in Iran, as reported by CoinDesk’s sources.

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ASIC Expands its Team to Enhance Cryptocurrency Regulations
Australia’s financial regulator has enhanced the size of its crypto team. The crypto regulatory measures include their application for financial services licenses and show that specific crypto platforms have particular liquidity in reserve.

After shifting popular blockchain from a proof-of-work (PoW) to a proof-of-stake (PoS) system, ASIC, Australia’s financial regulator, has increased the size of its crypto team.

U.S. Security and Exchange Commission Chairman Gary Gensler stated that PoS-based tokens might be classified as securities.

The decision of ASIC to keep PoS tokens for example Ethereum, Cardano and Solana under its remit will further clarify the situation and enable crypto regulations to be more effective. To cope with the latest regulatory reforms, the crypto exchange must either delist the tokens or start complying with robust crypto laws.

Such moves may force a few crypto firms to manage their operating models. Even the largest stablecoin of the crypto market, Tether, has been caught in a controversy created over the failure of holding enough dollar reserves to back the stablecoin.

The crypto regulatory measures include their application for financial services licenses and show that these platforms have particular liquidity in reserve.

The final decision by the regulator has not been issued yet. Greg Yanco, the executive director for marketers, said that ASIC won’t be a “cheerleader for crypto assets.”

SEC Newgate carried out research the last November. It showed that 44% of Australian retail investors reported holding crypto. Out of these investors, only 20% viewed crypto as high-risk.

The chairperson of ASIC responded and said that the regulators were “concerned that there are limited protections for crypto-asset investments given they have become increasingly mainstream and are heavily advertised and promoted. There is a strong case for regulating crypto-assets to better protect investors.”

According to Yanco, until the last year, cryptocurrency was not such a high priority. Still, due to the decline of cryptocurrency in the previous few years and investors wiped out around the globe, ASIC expanded its team. It made crypto one of its “core strategic projects.”

Suggested Read: Regulatory Authorities to File a New Bill to Secure the Citizens from Cyber Criminal Activities

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Iran’s President Has Called for Legal Framework For Crypto Trading

Forensic Document Verification – A New Standard

How Forensic Document Verification is Carried Out?

High-Profile Crime Cases of Document Fraud

Gang Arrested for Printing Fake Documents in Greece

Criminal Network Busted for Distributing Fake Documents

Regulatory Authorities Monitoring Document Fraud

Canada

Australia

Document Forgery Forensic Authentication – Ensuring KYC Compliance

What Shufti Pro Offers?

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Let’s prove your customer’s

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