From January to July 2025, the volume of cryptocurrency transactions in Iran reached $3.7 billion, down 11% compared to the same period in 2024. The decline in interest toward digital assets is linked to geopolitical crises, hacker attacks, and restrictive measures.
According to TRM Labs, the overall volume of crypto transactions involving Iranian users began to decline sharply in the first half of 2025, falling 11% YoY. In June alone, the figure dropped by more than 50% compared to the previous year, and in July — by 76%.
Key factors undermining user confidence in local virtual asset service providers (VASP) include:
- A hack of Iran’s largest crypto exchange Nobitex on June 18, 2025, during which attackers stole around $90 million in crypto. The breach triggered a mass outflow of funds.
- Tether’s decision to freeze 42 wallets linked to Iranian users and entities on July 2, 2025. This was the largest-ever freeze of local users’ addresses, stripping the market of significant liquidity.
- The introduction of a capital gains tax on crypto trading, which categorized digital assets as speculative.
- Rising geopolitical tensions, including a 12-day conflict with Israel in June 2025, accompanied by cyberattacks and power outages.
The report also noted that Iranians actively use cryptocurrencies to move capital abroad, bypass sanctions, and protect against inflation. However, many prefer foreign exchanges and platforms for these purposes. According to TRM Labs, the share of illicit transactions on Iranian exchanges accounts for only 0.9% of total turnover.
Iranian authorities are actively testing the digital rial (CBDC), which became accessible to financial institutions in 2024 within the free economic zone on Kish Island.
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