Members of the Macroeconomics Commission at the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) has stressed on the need for passing necessary regulations related to the exchange of cryptocurrencies in the country.
Farzin Fardis, a member of the ICCIMA commission on knowledge-based businesses, described the challenges facing Iran’s crypto community.
“The biggest concerns for crypto investors are uncertainty with legal issues, sharp fluctuations in value of national currency, lack of security and fraud” Fardis said.
He stressed that as more investors are switching to crypto market, Iranian authorities need to keep up with fast-evolving crypto technology to draft clear regulations.
The technical-legal structure of the cryptocurrency market should be formed under the supervision of the Central Bank of Iran, he stressed.
Ali Shams Ardakani, head of the ICCIMA Energy Commission, asked crypto associations to reach a comprehensive understanding of the market before presenting the private sector’s demands from authorities in the government.
“The private sector should be aware that policymakers might make wrong decisions due to lack of knowledge about the new market, and we should try to collaborate to make adequate regulations for trading cryptocurrencies,” Shams Ardakani said.