THE LEGAL STATUS OF STABLECOIN IN IRAN AND EUROPEAN UNION

Articles in Press

Document Type : Original Article

Authors

1 MA in Jurisprudence and Law, Department of Jurisprudence and Law, Faculty of Literature and Humanities, Central Tehran Branch, Islamic Azad University, Tehran, Iran.

2 Assistant Professor, Department of Jurisprudence and Law, Faculty of Literature and Humanities, Central Tehran Branch, Islamic Azad University, Tehran, Iran.

10.48300/jlr.2023.381898.2266

Abstract

Stablecoins and asset-referenced tokens have a high potential to be wide used as a means of payment in the purchase of goods and services because they have the advantages of the blockchain network such as easy transfer and low transaction fee and security along with value stability. The potential of replacing this type of crypto-currency with ordinary fiat currencies in deals and trade can threatening for Monetary and banking policies and replace central banks with legal entities issuing stablecoins. However, the absolute prohibition of this type of cryptocurrencies will deprived of the benefits of this technology and violate the rights of their users. In the above research, it has been searched with an analytical and comparative vision, we investigated the laws of Iran's legal system and the MiCA of the European Union, which is now the largest legal source of cryptocurrencies in the world. And we also examined the necessity of legislation regarding stablecoins and its issuers.

Keywords

Journal of Legal Research

Articles in Press, Accepted Manuscript
Available Online from 30 January 2023

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