Iran Eases Currency Controls for Crypto Holders
LCX Exchange has reported that Iran is easing its currency controls to allow traders to bring their earnings home using cryptocurrency. This move follows an effort by the Iranian government to stabilize the country's economy, which has been struggling with inflation and a declining rial. The FT reports that traders will now be able to convert their crypto assets into Iranian rials, although it is unclear what specific mechanisms will be in place for this process.
The LCX Exchange, based in Liechtenstein, has applied for authorisation as a crypto-asset service provider under the EU's MiCA (EU 2023/1114). The application is currently under review by the Financial Market Authority (FMA) Liechtenstein. It is worth noting that LCX does not offer crypto-asset services to persons in the EEA pending authorization, and existing clients are limited to withdrawals during the wind-down period.