The parliament of Iran has made a proposal this week to incorporate crypto currency in existing ‘’currency smuggling’’ and foreign currency exchange regulations. As a result of this prospective regulation keeps entrepreneurs at bay and this may lead them to be in jail by local authorities. With this new law crypto exchanges may be required to be licensed by the country’s central bank and follow legacy foreign currency exchange guidelines.
Crypto currency exchanges are now at bay what they should do. The situation seems that the Iranian government wanting to put down capital outflow is willing to shut down local crypto exchanges. The process of new licensing guidance applying to decentralized ecosystems is unclear. Several crypto operations serving Iran are legally based in other countries.
UtByte, an exchange allowing users to simply exchange digital currencies, and the KingMoney token project, a digital currency developed trying to operate an ease transport of value in a network marketing industry, despite being registered in Sweden under an umbrella firm called Sweden Invest Group AB have been criticized as an interconnected scam by some Farsi blogs.
UtByte has reportedly received $13.8 million of BTC from Iranian crypto currency services and exchanges referring the strong transactional connections with Iran. Crypto currency projects based in Iran often benefit from foreign social media efforts. On the off chance Iranian crypto exchanges are registered with the Central Bank of Iran, the how they would continue to bypass sanctions is yet unknown. Cryptoland is legally based outside of Iran but operates locally. But it doesn’t directly work with the Iranian company as no actual marketing done in Iran. As reported, there is a significant TRX community in Iran precisely. What would be the sanctioning process to global crypto communities is unknown. The marketing process in Iran is soliciting business in Iran.