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Iran’s finance minister said the country’s government plans to regulate cryptocurrencies instead of limiting their usage.
The Iranian government is looking to embrace crypto assets by adding more regulations instead of outright restrictions, its Minister of Economic Affairs and Finance Abdolnaser Hemmati said.
According to a report from Iran’s state-run news agency Nour News, Hemmati said during a national event on Saturday that the government aims to eliminate the negative impacts of cryptocurrency on the economy, and leverage its positive effects. The minister added that digital money falls under the jurisdiction of the Iranian central bank.
Hemmati said he hopes to see cryptocurrencies used to boost youth employment in Iran, help counter U.S. sanctions and align the country’s activities with the global economy.
On the same day as Hemmati’s speech, the Central Bank of Iran published a new document that summarized its arrangement for upcoming policies on cryptocurrencies, Nour News reported. The upcoming policies aim to support crypto traders to comply with local tax and anti-money laundering laws, according to the report.
Iranian investors currently hold an estimated $30 billion to $50 billion worth of crypto assets, the report said, citing economist Mohammad Sadegh Alhosseini. This is roughly equivalent to a third of the entire gold market in the country, according to the expert.
The announcement from the Iranian government comes as U.S. President-elect Donald Trump builds anticipation for a positive regulatory environment for cryptocurrencies.
Since his reelection last month, Trump has appointed several pro-crypto candidates to spearhead various efforts during his upcoming term, recently naming long-time crypto supporter Paul Atkins to head the Securities and Exchange Commission.
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