Iran Center for Development of E-Commerce, a regulatory body affiliated to the Ministry of Industry, Mine and Trade, has announced a new mechanism allowing cryptocurrency exchanges obtain online trust logo, known as e-Namad, which is mandatory for accepting online payments by Iranian websites.
As per the new measure, applicants should have a letter of introduction from Iran Fintech Association, Iran ICT Guild Organization or Iran Blockchain Organization to apply for the trust badge, Ebinews reported.
Applications will be reviewed/approved by the Central Bank of Iran. After that the eligibility of applicants will be approved by Shaparak Company, the company in charge of supervising the country's local payment network, the police and judiciary.
Cryptocurrency business leaders discussed the challenges and roadblock’s they face with President Ebrahim Raisi in a meeting last month.
They took stock of the views and concerns of the crypto industry and addressed the potential benefit of digital currencies, regulatory challenges and crypto opportunities for the digital economy.
Amir Hossein Rada, CEO of Nobitex, a major cryptocurrency exchange, talked about the many challenges crypto companies grapple with. He emphasized the need for clear laws and regulations, the lack of which he said is one of the biggest challenges. Rada noted that the lack of regulations had led to the “emergence of harmful entities” in the industry and skepticism from decision-makers.
He called for a long-term perspective on cryptocurrency investment, suggesting that a regulatory bill be created to monitor risk and legal crypto activities.
President Raisi tasked the National Center for Cyberspace with reviewing the proposals made at the meeting to prepare the groundwork for a bill to control crypto investment risks.
He also emphasized the importance of increasing the digital economy's share in Iran from 7% to 10%, with further increases possible with the help of tech-based companies.
