Iranian Tax authority want legal framework on crypto exchange

Reportedly, Iranian Tax authorities are facing a problem in tax evasion from the crypto trading platforms. They urged the government to establish a new legal framework for these crypto exchanges.

In Iran, crypto trading is legal & all the crypto related services operate their business under a legal framework. But there is one thing with crypto exchanges & related services, which leads to a problem for the Iranian Tax authorities. 

According to The Iranian National Tax Administration (INTA), all the crypto exchanges in Iran should be restricted under a new legal framework so that they can easily impose tax rules on these services. 

The need of legalizing digital asset exchanges came into light when the news came from the local news media of Iran. INTA demanded the government that every authorized crypto exchange should allow only to convert the digital assets and also they should keep record of the whole transactions that they fascilating.

INTA also urged the government to keep their Crypto regulatory rules toughest to toughest at their end on the crypto related services, so that they can stop the growth of black markets which are using crypto assets.

Tax authority proposed three types of the regime on Tax system on trading platforms. These are Tax on capital gains, fixed base tax and occupational tax. While they didn’t explain how it would work under particular consensus.

Decentralized finance came into the discussion of this report, where regulators want to impose restrictions on maximum upper limit transactions.

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