Set up a Cryptocurrency Exchange in Iran
In this article we want to discuss the way to run a cryptocurrency exchange in Iran The Central Bank issued a draft about this almost two years ago, and we will take a look at some of its essential clauses below. The central bank has provided very comprehensive information in this document, and we will discuss only parts of it that are relevant to run a cryptocurrency in Iran
We must first say running a cryptocurrency The same rules apply to buying and selling. The Central Bank in no way confirms the authenticity of the cryptocurrencies sold and the risks arising in this area are entirely on the investor. To run a cryptocurrency in Iran you must have a license from the central bank to be able to provide your services legally. In another paragraph of this document, it is prepared that the owners will be responsible for the correct operation of the exchange offices and their security. In case of any security breach, the exchange office is required to pay damages to the users. People who are looking for Set up a Cryptocurrency Exchange in Iran They must abide by the rules regarding full user authentication and anti-money laundering. Exchange users are only allowed to buy and sell passwords if they are fully authenticated. Exchange offices are obliged to provide all personal and transaction information to the Central Bank of the Islamic Republic of Iran. The origin of transactions must also be announced to the bank. The ceiling for converting Rials into a currency code and vice versa is subject to the country's currency laws, and the exchange office is not allowed to violate this. If such a thing is observed, the exchange license will be revoked. Also, according to the Cabinet, only the central bank has permission to issue a license run a cryptocurrency in Iran and at the moment, no other organiztion is allowed to issue any license to operate and operate.
Conditions for setting up a digital currency exchange
All natural and legal persons are allowed to obtain an activity license. Rules that the owners for Set up a Cryptocurrency Exchange in Iran, should be aware of them and do not violate them are:
- Monetary and Banking law of the country
- Unregulated Monetary Market Regulation Law
- Permanent provisions of the country's development plans
- Law on Combating Commodity and Currency Smuggling approved by the Islamic Consultative Assembly on 2012
- Law of the Sixth Five-Year Development Plan
- Executive instructions on the establishment, operation and supervision of online exchanges
How to set up a cryptocurrency exchange in Iran?
To issue a license, you must first submit sealed images of your company registration documents equal to the original. Submission of articles of association, company registration notice is required. You must also send a guarantee of good performance of obligations to the bank. If approved by the Central Bank, to obtain a license, you must visit the bank in person when applying to the Central Bank for Set up a Cryptocurrency Exchange in Iran You must have the following documents:
- Articles of Association of the company
- Bank Guarantee
- Establishment permit
- Institution registration ad
- Certificate of proficiency based on performing exchange operations
- A copy equal to the original of the official newspaper in which the announcement of the establishment of the company and the latest changes in the shareholders are mentioned.
The credit period of the license issued by the Central Bank is usually twenty-four months, and after this time, you must renew it to continue operating.
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