Iran’s Central Bank has introduced a new regulatory framework for the cryptocurrency industry, positioning itself as the primary authority responsible for overseeing the sector.
Under this policy, the central bank will grant licenses to cryptocurrency brokers and custodians, with a focus on ensuring compliance with anti-money laundering (AML), tax, and counter-terrorism financing (CTF) laws. The framework also aims to promote economic growth by utilizing cryptocurrencies for job creation and circumventing sanctions.
CBI governor Mohammadreza Farzin and Minister of Economic Affairs Abdolnasser Hemmati have emphasized the importance of managing the risks associated with cryptocurrencies rather than implementing restrictive measures.
Iran regards cryptocurrencies as a solution to economic challenges, utilizing them to bypass international sanctions.
Crypto mining, which was legalized in 2019 and temporarily halted in 2021, has been resumed in 2022, indicating a shift towards integrating digital assets into the economy.
This new framework expands the central bank’s jurisdiction beyond mining to encompass a wider range of cryptocurrency activities.