Islam Times - Cryptocurrencies Activities Can Become Legal by Iranian Parl.

Islam Times - The Chairman of the Iranian Parliament's Economic Committee says a report on the activities of cryptocurrencies is being prepared to be proposed to the parliament in the form of a motion to legalize the matter.

Mohammadreza Pour-Ebrahimi, Chairman of Iranian Parliament's Economic Committee said on Friday that "The Economic Committee has finalized a report in this regard and recently sent this report to the Presiding Board of the parliament for taking into consideration, but it seems that this report will be reviewed in a Parliament's public session after the review of the budget bill for the fiscal new year."

He emphasized, "One of the most important actions done in this regard is about the nature of cryptocurrency production."

Poorabrahimi said that the cryptocurrency products are a matter of currency and added: "This issue can help us under the sanctions, but in this regard, the entry of the Central Bank and the Ministry of Economy and Finance is necessary to make sure issues such as money laundering is tackled."

He added: "In the final report, we emphasized that every individual who is able to generate a cryptocurrency must provide their activity information directly to the Central Bank so that the Central Bank can settle it through authorized exchange shops." He also noted that "currently, such a process does not exist [in the country]."

The head of the parliament's Economic Committee said that the Central Bank and the Ministry of Economy and Finance should have special supervision over the cryptocurrencies, adding, "Obviously, this issue can be considered as a principle."

The lawmaker said "In this report, the transparency of the field of cryptocurrency activities from licensing to production and supervision is being taken into account, so if this report is approved by the MPs, we will try to turn these cases into legal provisions in the form of a motion."