- Iran Blockchain and Cryptocurrency Association (IBCA) is operating under the supervision of the Iranian Chamber of Commerce, Industry, Mining, and Agriculture (ICCIMA).
- Iran’s growing blockchain ecosystem is facing challenges, according to the publication, as the IBCA is affiliated with the chamber.
- The Iranian government’s attempt to limit the operations of digital asset exchanges would deprive the country of opportunities, local fintech companies warned earlier this year.
- Due to Tehran’s recognition of cryptocurrency mining as an industrial activity, it has become the most regulated sector.
Financial Tribune reports that the newly-formed Iran Blockchain and Cryptocurrency Association (IBCA) is operating under the supervision of the Iranian Chamber of Commerce, Industry, Mining, and Agriculture (ICCIMA). Iran’s growing blockchain ecosystem is facing challenges, according to the publication, as the IBCA is affiliated with the chamber. A member of the association’s board, Mohammad Reza Sharafi, announced the launch, in which he hoped that the association would be able to remove obstacles faced by businesses in the crypto space and utilize blockchain technology in the interest of the Iranian economy.
In addition, Sharafi elaborated on the Way2pay website portal: “There are a variety of issues related to the development of innovative technology in Iran. Concerted efforts have been made to maximize the benefits of this sector for the economy….. We need to work closely to ensure the use of the potential of the technology without monopolizing it.” A representative of the organization noted that the ICCIMA granted permission for the new group to be established last year. There were many reasons for the delay, not the least of which was the change in government in Tehran. Mohamed Sharafi believes that working under the chamber’s supervision will give him the opportunity to address key issues in the sector.
Iran Blockchain Association (IBA), a nonprofit, self-governing organization of entrepreneurs, experts, and activists engaged in the development of rapidly growing technology, was founded in 2017. In June of this year, the Ministry of Interior suspended IBA’s activities for allegedly violating its own articles of association. Various accusations, including that the IBA was operating in violation of its own articles of association, led the Ministry of Interior to ban the prominent crypto industry association.
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The move follows allegations made by Iranian lawmaker Rahim Zare that cryptocurrency groups have transferred foreign exchange funds outside the Islamic Republic. These claims were not supported by any evidence, so the IBA rejected them. There is little regulation in Iran’s crypto market. Iranian authorities have been going after crypto trading and crypto payments in the country even after the Central Bank of Iran (CBI) allowed banks and money exchangers to use locally mined cryptocurrencies to pay for imports to the sanctioned nation in April.
The Iranian government’s attempt to limit the operations of digital asset exchanges would deprive the country of opportunities, local fintech companies warned earlier this year. Due to Tehran’s recognition of cryptocurrency mining as an industrial activity, it has become the most regulated sector.
