TL; DR Breakdown
- Iran Blockchain Association wants to help create crypto laws.
- Chief of the association says regulators lack qualifications to carry out the task.
- The IBA Chief says the body can handle crypto criminals.
Regulation of crypto across is rapidly becoming a trend among countries worldwide. Though some are still skeptical about accepting the assets, others are creating room for a framework to enable citizens to trade them. In the latest report, Iran Blockchain Association has called on the government to create a council that will come up with crypto laws.
In the words of the association, regulators have failed to enforce laws on the Fintech space across the country. With the government giving the industry little or no attention, the body wants to work with regulators to formulate the crypto laws.
Iran Blockchain Association berates regulators’ lack of qualifications
Abbas Ashtiani, The Chief of the Iran Blockchain Association, recently mentioned that the premier bank in the country and other regulators are not well equipped to carry out the task. In a report that Financial Tribune released, Ashtiani says he wants the government to set up a private council to help with the regulation of the crypto space.
Ashtiani mentioned that top players in the government should choose individuals from private and public entities to act as council members. Regarding crypto as multi-dimensional, Ashtiani said that the Central bank or the Securities regulator do not have the required qualifications to develop rules to govern the sector.
Ashtiani believes the body can eliminate criminality in the crypto sector
Iran has previously given miners involved in digital assets the go-ahead to mine assets for sale and profits. However, using crypto as payments for goods and services is strictly forbidden across the country. Also, the government has given banks and regulated money changers the freedom to pay for imports using digital assets. Miners in the country are expected to pay for the power they use and earn a license from a regulatory body based on exports prices.
A previous report mentioned that nothing less than 30 investments had been granted permission to carry out mining operations across the country. Another lingering issue is that of illegal miners setting up shops across the country. Some months ago, the news went around that Tehran Stock Exchange CEO resigned after he found out the company’s basement was used for illegal mining.
Responding to the issues of illegalities associated with mining, Ashtiani said that the Iran Blockchain Association knows how to handle these issues across Iran. He said that the body is looking to set up rules that will help the crypto community in Iran while eliminating criminal offenses in the sector.