Iran to legalize Cryptocurrency Exchanges and Mining processes

Soraya Nildarar
Written by Soraya Nildarar

According to Mehr news agency, The Iranian government is attending to legalize cryptocurrency exchanges and crypto mining with the cooperation of the Cyberspace National Center.

Iran’s deputy director of Cyberspace National Center, Saeed Mahdiun, explained about the current status of cryptocurrencies and shared a belief on the technology: “the inherent nature of cryptocurrencies makes it hard to manage them.”

He added the issue of money laundering, economic fluctuation and the withdrawal of capital from countries, including the reasons for the risk of digital exchange without backing and said:

In this regard, there is a worldwide consensus on a term known as the KYC or know your customer process.

He further mentioned that KYC guidelines were introduced to create financial transparency, prevent money laundering, and avert terrorism funding.

He also noted the sanction problem with foreign cryptocurrency exchanges and suggested acknowledging domestic ones plus fulfilling KYC guidelines.

According to Mahdiun, digital currency miners are amid other influential actors in this field and their actions will bring no harm upon the economy, if guided and regulated.

‘The central bank is in charge of regulating the financial status of digital currencies and the Ministry of Industry will issue the crypto mining industry’s license. Therefore, the ministry of communications does not particularly play a role in this sector. ‘ Saeed Mahdiun declared.

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Soraya Nildarar

Soraya Nildarar

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