Iran Unveils New Cryptocurrency Regulations to Boost Economic Growth

Iran's Central Bank has unveiled a new regulatory framework for the cryptocurrency sector, positioning itself as the primary authority overseeing the industry.

This policy allows the bank to license crypto 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 support economic growth by leveraging cryptocurrencies for job creation and bypassing sanctions.

CBI governor Mohammadreza Farzin and Minister of Economic Affairs Abdolnasser Hemmati have emphasized managing the risks of crypto rather than imposing restrictive measures.

Iran sees cryptocurrencies as a solution to economic challenges, using them to circumvent international sanctions.

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Crypto mining, legalized in 2019 and briefly suspended in 2021, resumed in 2022, marking a shift towards integrating digital assets into the economy.

This new framework extends the central bank’s control beyond mining to include broader cryptocurrency activities.

Alexander Stefanov