The Electronic Commerce Development Organization confirmed; Granting this product to exchanges is the first experience of self-regulation in the country

The Electronic Commerce Development Organization has recently approved the granting of this material to domestic digital currency exchanges and published the mechanisms related to obtaining this material by these businesses.

According to Erzdigital and to quote from the public relations of the e-commerce development center (Teta center), in the last meeting of the e-commerce steering advisory working group (innovation and application development committee) held on May 13, 1402 with the presence of the head of the Teta center, representatives of Central Bank, Shoprak and other related institutions as well as Computer Trade Union Organization, Fintech Association, Blockchain Association were held as specialized organizations in the field of cryptocurrency, there was a discussion and exchange of opinions about the mechanism of registering and verifying the information of cryptocurrency businesses in order to solve their problems, including the internet payment portal, based on the self-regulation method.

In this meeting, firstly, the history of the subject, including the series of meetings and the summary of the year 1400 between the Electronic Commerce Development Center, the Central Bank, Shaperk and the private sector with the focus on the organization of the computer trade union system under the title “Joint measures for the optimal implementation of this requirement for the payment of donations” and the meetings held in Last year, the presidential legal office was reviewed with the presence of all related executive bodies and private sector organizations and paragraph 7 of its meeting minutes dated 10/7/1401 and the correspondence and negotiations conducted.

Then the considerations and points of view of the representatives of the Central Bank, Shaperak and other related institutions as well as private sector organizations were raised; including emphasizing that cryptocurrency exchange has not yet been regulated in terms of licensing system, regulatory mechanism, supervision, etc. in Iran and many countries that have more expertise and experience in regulation; According to global experience, the self-regulation method is much more progressive than the traditional licensing system, and for this reason, the lack of a license for cryptocurrency businesses can be considered as a new opportunity and experience for the country if a suitable solution is designed. The considered solution should be focused on the business side (and not the general public) in order to solve most of the current problems.

In addition, new problems should not be created, especially in terms of the suspension of this substance, etc.; The process of registering and verifying information, checking and verifying, etc., must be transparent for businesses, and in case of non-verification, it is possible to correct behavior, fix bugs, and try again; The considered solution is not limited to the existing businesses, but according to Shoprak’s plan to refine the payment portals and the limited time frame for this purpose, priority should be given to the existing businesses. At the end of the meeting, the head of Theta Center pointed out the acceleration of taking executive steps and making the most of the opportunity of self-regulation through responsibility and supervision of its members despite structural differences, membership, etc.

Finally, the outcome of the meeting was summarized and decided as follows:

1. Virtual businesses in the field of cryptocurrency can receive a letter of introduction from one of the three organizations of the Computer Trade Union Organization, the Association of New Financial Technologies (Fintech) and the Association of Block Chain Technologists (Blockchain), to register an application under the field of activity “Other Financial Areas” and choose the organization and Upload your letter of introduction in this system.

2. The central bank examines the application by reviewing the documents and making the necessary inquiries according to the case, and if there are no problems, it approves the application in this system.

3. Approved businesses have the possibility to receive a payment portal with the relevant branch code in the country’s payment network, and when Shoprak inquires from the Inmad system, a positive response will be received with the field of activity “Other financial areas”. This response will also be available to other devices inquiring from the Theta Center.

4. Theta Center, as the authority to respond to inquiries of internet businesses, will cooperate with other institutions to create a consensus regarding approved businesses, through correspondence and inter-institutional coordination.

5. It is the responsibility of that organization to monitor the activities of the businesses introduced by each organization in terms of adherence to laws and regulations and continued compliance with the approved requirements, and for this purpose, the decision-making channels of each organization, full authority to determine the initial introduction conditions, the necessary arrangements for periodic evaluation and development and Equipping the infrastructure for continuous and intelligent monitoring of its members.

6. Theta Center will provide each organization with access to the integrated monitoring panel of the Inmad system in order to maintain monitoring records and the possibility of issuing a monitoring warning to the offending businesses. It is obvious that if a regulatory notice is issued and the business does not resolve the violation within the desired time frame, the status of the business will be suspended and steps to block the payment portal will be systemically announced to Shoprak.

7. The performance of specialized organizations will be evaluated for the correctness of their performance and supervision of their members during specific time periods, and a decision will be made regarding their continued activity or replacement with other organizations.

8. The current approved requirements for cryptocurrency businesses have been in place for a long time and specialized organizations as self-regulatory organizations (SROs), using experiences and providing corrective opinions to existing regulations (along with alternative solutions to address concerns) or proposing new regulations to the relevant authorities, They will play a more active role in formulating the regulations of the cryptocurrency field.