New Fintech Directive Causes Confusion

The Central Bank of Iran was until now considered the only entity in charge of devising regulations for fintech companies, but President Hassan Rouhani’s Cabinet on May 23 announced its own regulations with the apparent aim of giving a boost to these firms, which has caused some confusion.
As approved by the ministers, CBI is obligated to “devise and communicate the regulatory framework of micro bank payments, electronic wallets and payments based on a variety of technologies” within a maximum of one month from the time the Cabinet’s directive has been passed.
Banks and payment service providers have been obliged to “provide access to banking services for fintechs that have a license from their related guilds”.