Iranian authorities refuse to recognize cryptocurrency trading in new law

According to the law ratified by the government on August 4, internal activities on trade and exchange of cryptocurrencies are also carried out outside the legal field of Iran. The authors of the document additionally note that the central bank is not a guarantor of the cost of cryptocurrencies.

The adoption of the new law followed a comment by the deputy head of Iran's central bank, who announced in June that buying and selling cryptocurrencies, such as Bitcoin, was considered illegal.

Earlier, the Iranian authorities recognized mining as an independent industrial activity and started to develop a special licensing scheme for it. In order to engage in mining, local entrepreneurs, among other things, will have to obtain permission from the Ministry of Industry, Subsoil Development and Trade. In addition, electricity will be provided to them at export prices.

Although mining has been recognized by the Iranian authorities, the local customs office recently reported that it has not issued any permits for the official import of cryptocurrency mining equipment.