Proactive sanctions can help spare the ecosystem: Chainalysis exec
As many countries, entities and even individuals face international sanctions, the crypto industry seeks to find its place among increasing regulations. Digital currencies have often been mentioned as an avenue for those subject to sanctions to divert them, such as in the recent case of Russia. In such instances, exchanges and other industry players need […]
Kraken settles with US Treasury’s OFAC for violating US sanctions
The United States Treasury Department’s Office of Foreign Assets Control, or OFAC, has announced a settlement with crypto exchange Kraken for “apparent violations of sanctions against Iran.” In a Nov. 28 announcement, OFAC said Kraken had agreed to pay more than $362,000 as part of a deal “to settle its potential civil liability” related to […]
Iran to begin ‘crypto rial’ CBDC trial despite possible lack of infrastructure: Report
The Central Bank of Iran will make a pilot launch of a central bank digital currency (CBDC) on Sept. 22, the Iranian Chamber of Commerce has announced. The so-called “crypto-rial” has been in the planning stage for several years. The launch of the crypto rial was originally planned for November, according to the Chamber, which […]
Crypto for foreign trade: What do we know about Iran’s new strategy
With the Trade Ministry officially approving the use of cryptocurrencies for foreign trade, Iran will become the first-of-a-kind adopter in the world. The obvious problem with the news is that the country’s innovative policy obviously aims at circumventing financial sanctions that have been hampering its participation in the global economy for many years. These circumstances […]
US Treasury sanctions Iran-based ransomware group and associated Bitcoin addresses
The United States Treasury Department’s Office of Foreign Asset Control has added 10 individuals, 2 entities, and several crypto addresses allegedly tied to an Iranian ransomware group to its list of Specially Designated Nationals, effectively making it illegal for U.S. persons and companies to engage with them. In a Wednesday announcement, the U.S. Treasury said […]
Iranian businesses get the green light to use crypto for imports
Iran’s Industry, Mines and Trade ministry has approved the use of cryptocurrency for imports into the country amid ongoing international trade sanctions. According to local news reports, trade minister Reza Fatemi Amin confirmed that detailed regulations have been approved outlining the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin (BTC) and […]
Iran Impart Association demands regulatory clarity to use crypto in foreign trade
In the aftermath of the first officially reported crypto payment in the sanctioned country’s foreign trade, Iran’s importers point to the necessity of stable regulations to continue trade via cryptocurrencies. On Aug. 20, local reports cited the head of Iran’s Importers Group and Representatives of Foreign Companies (Import Association), Alireza Managhebi, who emphasized that stable regulations […]