Co-ordinate to Iran's main blockchain arrangement, authorities have been remiss in their enforcement of cryptocurrency laws. The association is concerned about the authorities's inactivity, offer its help to regulators that it feels are inadequately prepared to handle such a challenging task.

Abbas Ashtiani, caput of the Iran Blockchain Association (IBA), said that Iranian regulators such as the Central Bank of Iran (CBI) are unable to regulate digital assets. The IBA has requested for the institution of an "independent counsel" to assume responsibility, according to a report by the Financial Tribune.

While speaking at a press conference held on Tuesday, Ashtiani explained;

"We need a special council of representatives from state bodies and private enterprise to arts and crafts regulations for cryptocurrencies. The CBI or the Security and Exchange Arrangement are not qualified [enough] to fix rules for cryptos given the multidimensionality of the upshot."

While Bitcoin (BTC) mining is permitted in Iran, using crypto for payments is not. All the same, banks and licensed coin changers are allowed to use digital currency generated by authorized miners in Islamic republic of iran to pay for imports.

Miners must obtain a license from the Ministry of Industries and pay their power bills, which are based on export pricing. According to the most contempo data from earlier this twelvemonth, about thirty businesses have obtained mining licenses in the country.

Notwithstanding, underground mining concerns are still an issue in the country. As reported by Cointelegraph on Sept. 29, the CEO of the Tehran Stock Commutation resigned after discovering Bitcoin miners in the basement.

In response to government officials' worries almost illegal activities linked to the mining and trading of cryptocurrencies, Ashtiani said that the Iran Blockchain Association understands lawmakers and assures them that their worries will be addressed:

"We are prepare to aid set rules that can help ensure a positive impact of cryptos on the economy while minimizing criminality."