Latest from Interview
Iran's Cabinet has approved an executive directive regulating the online buying and selling of gold and silver. This resolution establishes a new framework for gold trading platforms, with the Central Bank tasked to design and launch a monitoring system within three months. The system will oversee user transactions and gold inventory on these platforms.
The Union of Virtual Businesses has been assigned as the authority responsible for issuing, renewing, and revoking licenses for gold trading platforms. Licensing decisions will be based on regulations approved by the Board for Deregulation and Improving Business Environment.
Compliance Deadline for Existing Platforms
Platforms already operating before the resolution have two months to align their operations with the new regulations. The Secretariat of the High Supervisory Board for Guild Organizations, in collaboration with the Law Enforcement Command of the Islamic Republic of Iran, will verify user lists and pledged gold amounts on these platforms. This data will be submitted to the Central Bank for registration in the monitoring system.
Trading Hours Limitations and Concerns
The Central Bank will also determine and announce daily trading hours for online platforms. Fintech experts have expressed concerns that this decision may conflict with the 24-hour nature of digital economy platforms, potentially reducing market efficiency and flexibility.
Coordination Group for Implementation
A coordination and supervision working group will be formed to ensure the resolution's implementation. Members will include representatives from the Central Headquarters for Combating Commodity and Currency Smuggling, the Attorney General's Office, the Central Bank, the Ministry of Industry, Mine and Trade, the Ministry of Intelligence, the Governmental Discretionary Punishments Organization, the Law Enforcement Command, the Financial Information Center of the Ministry of Economy, and the Iranian Chamber of Guilds.
This initiative aims to regulate online gold transactions under official supervision. While it could improve transparency in the market, it may also introduce challenges to the speed and flexibility of digital businesses.
