Iran Parliament Publishes Proposal To Include Cryptocurrency Under Currency Smuggling & Forex Regulations

As per Iranian news outlet ArzDigital, the Iranian parliament published a proposal this week to take in virtual assets in the prevailing foreign currency exchange and currency smuggling rules. Because of the impending directive, several Iranian entrepreneurs face an increased danger of being imprisoned by local establishments.

The regulation would mean Iranian virtual currency exchanges must be licensed by the Central Bank of Iran. Furthermore, they need to follow conventional forex guidelines. However, it’s not discernible how prevailing exchanges need to apply for licensing.

Nevertheless, the Iranian market doesn’t absolutely consist of home based OTC traders. In contrast to fiat currency exchanges, numerous digital currency exchanges operating in Iran are legitimately based in other nations. It is uncertain how the new licensing direction applies to distributed networks.

For instance, the digital asset price and analytics website CoinMarketCap, which is owned by Binance, is officially based in the United States, listed the KingMoney coin in the first quarter of 2020. Carylyne Chan, the CSO of CoinMarketCap mentioned that there were no evident red flags that appeared throughout the application process. Hitherto, the aforementioned clone of BTC is undoubtedly promoted in distrustful ways.