The Iranian government plans to regulate cryptocurrencies by introducing additional rules rather than imposing direct restrictions. This was stated by the country’s Minister of Economy and Finance, Abdolnaser Hemmati, according to local media.
According to the official, the authorities intend to mitigate the negative impact of crypto assets on the economy while harnessing their positive effects.
Hemmati expressed hope that digital currencies could be used to boost youth employment in Iran, counteract US sanctions, and align the country’s activities with the global economy.
The Central Bank of Iran will serve as the regulatory body for cryptocurrencies. Its representatives have already announced that they will direct their policy towards supporting crypto traders in complying with local tax and anti-money laundering laws.
According to estimates by local economists, Iranian investors currently hold crypto assets valued between $30 billion and $50 billion, roughly equivalent to a third of the entire gold market in the country.
A recent study revealed that most Iranian centralized crypto exchanges are linked to the government and participate in circumventing sanctions.
Since 2022, local companies have been permitted to use digital assets in import transactions. Additionally, since 2023, the Central Bank of Iran has been discussing with Russia the possibility of creating a joint Persian region stablecoin for foreign trade settlements.