Iran drops a blanket of restrictions on local crypto exchanges

Iranian Cyber Police, also known as FATA, has released a set of restrictions for the local cryptocurrency exchanges, according to Saeed Ghasemi, a crypto reporter at the Persian outlet MihanBlockchain.

Ghasemi says that FATA has published a 13-page document that requires all the local exchanges to comply with the latest regulations. “These requirements had many restrictions for Iranian users and exchanges,” he told crypto.news in a message.

According to Ghasemi, FATA has forbidden futures and margin trades while asking for the personal data of the users’ wallet data. He added that the local crypto platforms would only be available for Iranians, meaning that foreign citizens don’t have the right to sign up for such exchanges.

Moreover, per Ghasemi, who also works at the Ministry of Information and Communications Technology of Iran, exchanges are obliged to freeze users’ assets whenever regulators want. The local crypto platforms must require video KYC applications from all users while prohibiting the exchanges from promoting virtual currencies, Ghasemi added.

“These restrictions have caused dissatisfaction among exchange managers.”

Saeed Ghasemi, MihanBlockchain reporter

He stated that FATA asked the exchanges to keep all records and personal data of their users for at least 10 years and obliged the platforms to share the needed information whenever the regulators wanted.

If the local exchanges do not comply with the regulations, Ghasemi concluded, FATA will block their bank accounts.

The latest set of restrictions comes as Iran is preparing to develop a gold-backed stablecoin in partnership with Russia. The Persian country previously stated to return 150,000 pieces of crypto mining equipment seized in 2021.