Iran hints at new policy on crypto mining
The Iranian president Hassan Rouhani has appeared to suggest that a new approach to crypto mining might be required in the country.
The crypto industry press said that the comments were made during a meeting on the topic of digital regulation.
Rouhani was apparently meeting with the Central Bank of Iran and others, including representatives of the technology sector.
He is understood to have asked those present to plan for a move towards crypto mining regulation.
He also asked them to explain where any revenue derived from such a new regulatory landscape might be spent.
The move came after the country took the unusual step of proactively legalising crypto mining last year.
It is understood that a four-figure sum of licences have already been released to people in the country.
It has been a busy week for followers of crypto and forex news in Iran.
Earlier in the week, for example, the country’s parliament released a bill that suggested that the laws around foreign currency smuggling could also be applied to crypto.
These laws, which are known for being highly strict, would mean that exchanges in the country would have to receive approval from the country’s central bank in order to operate.
They would also have to follow forex transaction guidelines, which are relatively old.
According to some in the crypto press, this move could run the risk of seeing Iranian business leaders sent to prison.
It could also mean that they get tied up in the sanctions levied on the country by the US.
Securities and Exchange Commission figure discusses crypto at major conference
Notes from a recent conference for professionals from American securities law enforcement suggest that speakers spent significant time discussing the risks posed by cryptocurrencies.
The Securities Enforcement Forum West 2020, which describes itself as a “unique, one-day conference that brings together hundreds of current and former senior SEC and DOJ officials”, saw the keynote address delivered by a leading figure from the Securities and Exchange Commission (SEC).
Its co-director of enforcement, Steven Peikin, used the address to highlight some of the SEC’s successes in recent times.
He flagged that “it obtained a preliminary injunction against Telegram in connection with the Commission’s claim that Telegram violated Section 5 in its $1.7 billion offering of digital asset securities,” for example.
He added that while the pandemic had had some impact on the SEC’s work, there was still a lot of work to do in terms of “other traditional areas”.
“The Staff has also been busy on the investigative front. Since mid-March, the staff has triaged more than 4,000 Tips, Complaints, and Referrals – a 35% increase over the same period last year,” he said.
“In that same period, it has opened hundreds of new investigations, many COVID-19 related, but many in other traditional areas,” he added.
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