A seminar on “Securities Exchanges in the Cryptocurrencies Era; Confrontation or Convergence?” was held by Tehran Securities Exchange (TSE) and attending of more than 350 participants at TSE building on Tuesday, 25 November 2025.
This is one of the first events in Iran aimed at fostering conversation and connection between the conventional capital market and the cryptocurrency market. The event brought together top executives from Iran’s capital market and digital assets sector for a focused dialogue on the evolving relationship between securities exchanges and crypto ecosystems.
The seminar featured keynote addresses by Tehran Securities Exchange’s CEO, the Research and Development director, and the former CEO of TSE. In addition, senior leaders and founders of Iran’s leading cryptocurrency trading platforms participated as guest speakers.
Dr. Goudarzi, TSE’s CEO, emphasizing the need for convergence among financial institutions, regulators, and crypto industry participants, stated: “The capital market’s entry into the crypto asset class should be carried out through a responsible approach – grounded in transparency and risk management and with the aim of safeguarding investor confidence.” He highlighted the Exchange’s responsible and professional approach to innovation, and pointed out that any new financial instrument introduced to the market must uphold investor trust and market stability. Dr. Goudarzi underscored the global trend of integrating cryptocurrency-based funds—particularly Bitcoin ETFs—into established capital markets, noting that international exchanges place transparency and systemic risk management at the core of their strategies.
“Stock exchanges, platforms and financial institutions should be able to address the concerns of the regulators to ensure the path is properly followed.”, he added and expressed hope that the sessions would mark the beginning of a constructive path toward developing innovative instruments in the capital market.
The second speaker, Dr. Ali Rahmani, an academic and the former TSE’s CEO, emphasized the critical need for a clear regulatory and conceptual framework for digital assets in Iran. He pointed out that despite growing global attention to investor protection in cryptocurrency markets, fundamental questions remain regarding the accounting treatment, tax implications, and reporting standards for such assets. Drawing on international policy recommendations, he stressed the importance of addressing structural conflicts of interest—particularly when platforms simultaneously act as brokers, traders, and market operators. Dr. Rahmani advocated for revising domestic regulations to ensure transparency, limit platform dominance in primary offerings, and align oversight mechanisms with the unique economic realities of crypto assets. He also highlighted risks such as market manipulation, insider trading, pyramid schemes, and information abuse inherent in decentralized, cross-border crypto markets, advocating for precise business understanding, updated reporting standards, and enhanced supervisory tools. Ultimately, He concluded that only through robust, adaptive regulation can Iran achieve fair price discovery, market integrity, and genuine investor safeguards in this emerging domain.
The director of TSE’s R&D Dept., Mr. Reza Kiani, as the third speaker outlined TSE’s proposed model for introducing cryptocurrency-based investment funds, presenting it as a strategic response to the global evolution of the digital finance. He noted that while crypto markets remain a small fraction of global equity markets, their rapid growth and 24/7 trading nature have compelled traditional exchanges to explore tokenization and new financial products.
“In Iran, foundational legal and operational infrastructures are gradually taking shape - the designation of custodians, and regulatory definitions for market participants.”, he added. The proposed model, he explained, aims to mitigate custody risks, enhance price discovery, and provide a regulated avenue for investor participation in digital assets. Kiani expressed optimism that, with continued regulatory refinement, crypto-based funds could soon become a viable and value-adding component of Iran’s capital market ecosystem.
In the second session of the conference, a specialized panel was convened featuring capital market experts and senior executives and founders of cryptocurrency companies in Iran. The panel discussed the challenges and pathways for introducing tradable instruments based on cryptocurrencies in the exchange. The outcome of this panel underscored the convergence between the capital market and the digital economy, paving the way for the launch of cryptocurrency funds on Tehran Securities Exchange.
