Ecuador vs Iran
Crypto regulation comparison
Ecuador
Iran
Partially Regulated
Restricted
Ecuador has a complex relationship with cryptocurrency. A 2014 National Assembly resolution banned Bitcoin as legal tender, and the Central Bank prohibits financial institutions from dealing in crypto. However, private ownership and trading of crypto are not explicitly illegal, and peer-to-peer usage exists.
Iran has a complex stance on cryptocurrency. Crypto mining is legal and licensed by the Ministry of Industry, but using crypto for domestic payments is banned by the CBI. The government has explored using crypto for international trade to circumvent sanctions. Mining operations are periodically shut down during energy shortages.
Tax Type
Unclear
Tax Type
Unclear
Tax Rate
N/A
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
Yes
Regulator
Banco Central del Ecuador, Superintendencia de Bancos
Regulator
CBI (Central Bank of Iran), Ministry of Industry
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Not applicable; crypto payments and trading domestically restricted
Key Points
- 2014 resolution prohibits crypto from being used as legal tender
- Central Bank bans financial institutions from facilitating crypto transactions
- Private ownership and P2P trading exist in a legal gray area
- Ecuador uses the US dollar as its official currency, limiting monetary policy tools
- No comprehensive crypto regulatory framework in place
Key Points
- Crypto mining is legal and licensed by the Ministry of Industry, Mine and Trade
- CBI bans using crypto as a domestic payment method
- Licensed miners must sell mined crypto to the CBI or authorized exporters
- Government has explored crypto for sanctions evasion in international trade
- Mining farms periodically shut down during summer/winter energy demand peaks