Iranian Government Embraces Crypto Regulation

The Iranian government is looking to embrace crypto assets by adding more regulations instead of outright restrictions, according to its Minister of Economic Affairs and Finance, Abdolnaser Hemmati.

During a national event on Saturday, Hemmati stated that the government aims to eliminate the negative impacts of cryptocurrency on the economy while leveraging its positive effects. He emphasized that digital money falls under the jurisdiction of the Iranian central bank.

Hemmati expressed hope that cryptocurrencies could boost youth employment in Iran, counter U.S. sanctions, and align the country’s activities with the global economy.

On the same day as Hemmati’s speech, the Central Bank of Iran published a new document outlining its upcoming policies on cryptocurrencies, which aim to support crypto traders in complying with local tax and anti-money laundering laws.

According to economist Mohammad Sadegh Alhosseini, Iranian investors currently hold an estimated $30 billion to $50 billion worth of crypto assets, which is roughly equivalent to a third of the entire gold market in the country.

This announcement occurs as U.S. President-elect Donald Trump builds anticipation for a favorable regulatory environment for cryptocurrencies and has appointed pro-crypto candidates to various positions in his administration, including Paul Atkins to head the Securities and Exchange Commission.