29.11.2021

Iran plans to legalize cryptocurrency exchanges to tax them

The National Tax Administration of Iran (INTA) has advocated the creation of a legal basis for taxation of cryptocurrency exchanges operating in the country. This is reported by local media.

“Legalization of crypto-exchanges is necessary for levying on logs. Legal transactions should be limited to authorized exchanges, which are allowed to convert currencies by tracking transactions, ”the agency’s proposal is quoted as saying.

INTA believes that tough measures against crypto trading platforms are backfiring and creating conditions for a black market.

INTA proposes to use exchange transactions as the basis for tax collection. At the same time, the rules should include fines and legal consequences for platforms that refuse to provide the management with data on user operations, the department emphasized.

INTA offered three taxation options:

  • capital gains tax;
  • fixed base tax;
  • profession tax.

The agency also proposes to establish restrictions on transactions with decentralized platforms in accordance with the regulations on combating money laundering.

Recall that in June 2021, the President of the country called for the development of a regulatory framework for cryptocurrencies as soon as possible.

In 2019, the Iranian authorities recognized the mining of digital assets as an industrial activity, and in 2020 they introduced licensing in the industry.

In June 2021, the media reported that the Iranian Ministry of Industry had allowed 30 cryptocurrency mining companies to operate. However, mining in the country is prohibited until September due to power supply problems.

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