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Three top Iranian industry groups - Iran Fintech Association, Iranian ICT Guild Organization, and Blockchain Association - have raised the alarm over the Central Bank's draft cryptocurrency exchange regulation, arguing that the proposed framework jeopardizes assets of more than 15 million users.
Iran's Central Bank released its first guidelines in early September, covering licensing, operation, dissolution, and supervision of crypto brokers and soliciting public comment.
The associations, in a joint letter, acknowledged the need for regulation and were in favor of a system that is transparent and safeguards the users. But they cautioned that the current draft is not in harmony with market conditions and user needs, which would lead to capital flight and the growth of unregulated sites.
The letter also highlighted that, with international sanctions on the Central Bank, licensed platforms risk having their wallets flagged, an action which would inflict serious losses on millions of users. Restricting official brokers, the associations added, would only drive users to illegal platforms and increase security risks.
