A Blockchain expert from Iran has suggested an independent body to regulate crypto in the country since the government has proven incapable of doing it. Abbas Ashtiani of the Iran Blockchain Association has said the central authorities in the country are incapable of handling cryptocurrency regulations. Such a situation demands the formation of an independent body that can work in tandem with the government to put regulations in place. Iran still has very vague rules with respect to crypto mining and regulations. While mining is allowed, miners need special permission from the government.
To make the processes smoother, the Iran Blockchain Association has appealed for an independent body that can take over responsibilities from the government on crypto-related issues. Another looming problem in Iran is illegal Bitcoin mining. In a shocking turn of events, the CEO of Tehran Stock Exchange had to step down after coming across illegal miners in the basement.
It is still not clear how things will work out if an independent body starts doing the work of the government. While it seems like a good idea on the surface, there are many complications to the process. For instance, if something were to go wrong, who would be deemed responsible for it. The legal ramifications are not well understood yet. In such a situation, making a hasty transition can prove to be more harmful than beneficial. However, if the transition happens slowly and with legal concerns in mind, it can prove to be a great idea.