Abdolnaser Hemmati, the Iranian Minister of Economic Affairs and Finance, stated that the government is considering the adoption of crypto assets by implementing additional regulations rather than explicit restrictions.
Iran plans to regulate cryptocurrencies to mitigate economic risks and harness their benefits, including boosting youth employment and countering sanctions.
As per a report from Iran’s state-run news agency Nour News, Hemmati stated at a national event on Saturday that the government’s objective is to mitigate the adverse effects of cryptocurrency on the economy and capitalize on its advantageous capabilities. The Iranian central bank is responsible for digital money, according to the minister.
Hemmati expressed his optimism that cryptocurrencies will be employed to increase the number of young people employed in Iran, resist U.S. sanctions, and align the country’s operations with the global economy.
Nour News reported that the Central Bank of Iran released a new document on the same day as Hemmati’s speech, which summarized its plans for forthcoming cryptocurrency policies. In accordance with the report, the forthcoming policies are designed to assist crypto merchants in adhering to local tax and anti-money laundering law.
According to economist Mohammad Sadegh Alhosseini, Iranian investors currently possess crypto assets valued at $30 billion to $50 billion. According to the expert, this is approximately equivalent to one-third of the country’s total gold market.
The Iranian government’s announcement coincides with the anticipated of a favorable regulatory environment for cryptocurrencies by U.S. President-elect Donald Trump.
Since his reelection last month, Trump has appointed a number of pro-crypto candidates to lead various initiatives during his upcoming tenure. Most recently, he appointed long-time crypto supporter Paul Atkins to serve as the head of the Securities and Exchange Commission.