The Iranian Cyber Police (also known as FATA) has lifted a series of restrictions on local cryptocurrency exchanges, said Saeed Ghasemi, a cryptocurrency reporter at Persian outlet MihanBlockchain.
Ghasemi said FATA has issued a 13-page document requiring all 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 prohibits futures trading and margin trading, while requiring personal data for users’ wallet data. He added that local crypto platforms are only available to Iranians, implying that foreigners do not have the right to sign up on such exchanges.
Additionally, according to Ghasemi, who works for Iran’s Ministry of Information and Communication Technology, exchanges are obliged to freeze users’ assets whenever regulators want them. Local crypto platforms should require video KYC applications for all users while banning exchanges from promoting cryptocurrencies, he added.
“These restrictions have caused frustration among exchange administrators.”
MihanBlockchain Reporter, Saeed Ghasemi
He said FATA has asked exchanges to keep all records and personal data of their users for at least 10 years, obliging platforms to share the required information whenever regulators want it.
Ghasemi concluded that FATA will block bank accounts if local exchanges do not comply with the regulations.
The latest set of restrictions comes as Iran prepares to partner with Russia to develop a gold-backed stablecoin. The Persian country previously said it would return her 150,000 seized cryptocurrency mining equipment in 2021.