The FinTech Association

After this, the Fintech Association said they do not agree with providing users’ information to Shoprak. They said they will not change their mind, even if this means shutting down the platforms.

There have been a few problems recently. For example, payment gateways have been blocked and there are worries about user information being shared. This has created serious challenges for Iran’s cryptocurrency platforms. These concerns have increased with the new notification of Shoprek, which requires platforms to provide user information.

The Fintech Association has said that it is committed to protecting the privacy of users. It has warned that this could lead to native platforms and users leaving the country, and have a negative effect on Iran’s digital economy. The association has asked the central bank and other responsible institutions to make sure they don’t make any quick decisions without talking to the private sector first. They also want to do some detailed investigations and make sure they don’t make the situation worse for local businesses and the country’s financial technology ecosystem.

You can read the rest of the FinTech Association’s statement in the piece below.

Fintech community User privacy is the most vital concern for Iranian cryptocurrency platforms.

Over the last six months, there have been several worrying incidents for users of exchange platforms in Iran. These include: heavy media coverage about blocking the assets of local platforms; frequent disruptions to Rial services; a one-month blocking of internet payment portals; and widespread concern among users about the security of their personal data and privacy.

Shaparak has announced to the Computer Trade Union Organization (Nasr) that one of the conditions for reopening the payment gateways is to provide users’ personal and transactional information and data. This was finally confirmed on 29 December.

This action has caused significant concern among the public. In response to these concerns, the Fintech and Crypto Ecosystem Association of Iran has issued a statement. The Association wishes to assure its users that it will not provide their data to Shapark Private Company or its subsidiary companies, even if this results in the suspension of these platforms’ activities in Iran. At our company, we consider the protection of users’ privacy and the security of their data to be of the utmost importance. This is a key and unchangeable principle of our activity, and we are committed to upholding it at all times.

It is clear that the damage caused to businesses operating in this sector and the loss of user trust has created the potential for significant industry-wide destruction in Iran. In addition to violating the rights of millions of Iranian citizens, this will have a detrimental effect on the economy and security of the country. In addition to violating the rights of millions of Iranian users, the recent events will certainly cause the loss of national interests, the migration of businesses to the countries of the region, and the destruction of the country’s technical infrastructure, which will result in severe economic and security damages in the coming years.

The Association of New Financial Technologies demands that the central bank, institutions and organisations involved avoid hasty measures in this area. The high sensitivity of international financial technologies must be considered, and all measures must be designed and implemented with expert work and the participation of the private sector, in accordance with the country’s laws. This is essential to prevent the migration of Iranian platforms or their users and to ensure the competitiveness of national businesses against foreign businesses.

With businesses and their users leaving the country, there’s an exciting opportunity for Iran to redefine its role in the digital economy and seize new opportunities in this strategic field.

Iranian New Financial Technologies Employers Association (Fintech Association)