Twitter Launches Bitcoin “Tipping” Feature

Tax Iran agency wants to legalize electronic transactions on the exchange

 


Iran's National Tax Administration (INTA) is pushing for the establishment of a legal framework to impose taxes on cryptocurrency trading platforms in the country.

Two months after Iranian President Hassan Rouhani's call for a regulatory framework for cryptocurrency trading, INTA has released a new proposal that points to the need for legalization of asset exchanges. digital, local newspaper Eghtesad Online reported on August 12.


Proposing the Iranian regulator should have a legal framework for taxing cryptocurrencies, INTA said the government should only allow authorized exchanges to convert currencies while keeping track of transactions.

The tax authority called for a broader regulatory framework to avoid harsh conditions for cryptocurrency exchanges that could help black markets thrive.

Capital gains tax, fixed base tax, and occupation tax are the three tax regimes for crypto trading platforms proposed by INTA, although the proposal does not specify the mechanism for taxing crypto businesses. 


Decentralized finance is also included in the proposal, according to the sources. To comply with Anti-Money Laundering regulations, the proposal wants to establish an upper limit on transactions that occur on decentralized exchanges.

As Cointelegraph reported in early July, Iran's Parliamentary Economic Committee has drafted a new bill to limit the use of cryptocurrencies in the country, while also providing a clearer regulatory framework for miners. dig.

Cryptocurrency mining remains legal for licensed miners operating in Iran, although it is temporarily banned until September due to concerns about energy shortages during the hot summer months. Miners are recognized as owners of the digital assets they mine.


Converting one cryptocurrency to another is also not illegal in Iran. But the current law only allows licensed banks and exchanges to use cryptocurrencies mined in Iran to pay for imports, while cryptocurrencies cannot be used for payments in the country. country.

Iranian law enforcement has spent months conducting raids on unlicensed crypto mining farms. Police seized up to 7,000 mining rigs at several facilities. Last month, the country's government ordered licensed cryptocurrency miners to cease operations altogether until further notice.

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