According to the shahr-e-bourse, the resolution approved by the Cabinet of Ministers on the “Executive Instructions for Buying and Selling Gold and Silver Online” with number 134107 was announced on 14/08/2014 by the First Vice President.

According to this announcement, the Virtual Business Union is responsible for issuing, extending, and revoking licenses for eligible persons with the approval of the Central Bank. Platforms active before the announcement are also required to adapt their activities to the new regulations within two months. Laws related to the commodity group of precious metals and gemstones must also be observed. A coordination and monitoring working group will also be formed with the presence of representatives of the Central Bank, the Prosecutor’s Office, the Ministry of Justice, the Ministry of Intelligence, the Chamber of Guilds, and other agencies. This working group is responsible for reporting violations and coordinating between agencies.

Transaction Limitations and Requirements

Transactions are only carried out through eligible persons and authorized platforms. Direct transactions between customers or transfers between users are prohibited. Transactions must be made through a payment gateway approved by the Central Bank, and the use of cryptocurrencies or wallets without a license is prohibited. Transactions with unauthorized grades (gold <750, silver <925) are prohibited. The risk of the transaction is the responsibility of the customer and does not include government or bank guarantees. Gold and silver must be delivered to the treasury before supply and its balance is registered in the supervisory system.

The risk of the transaction is the responsibility of the customer and the government or banking system does not have any guarantee.

Transaction process

First, the customer and transaction information must be registered; that is, the covered entities must register the customer and gold/silver information in the supervisory system before receiving the payment. The next step is reconciliation and verification, the supervisory system checks the gold/silver balance and issues a transaction inquiry number. Physical delivery is the next step, and the customer can receive physical delivery from the treasury or covered entities. Covered entities are required to deliver within one week. The final stage is registration and tracking, in which the monitoring system issues a tracking number for each transaction and allows for online inventory and transaction inquiries.

Also, fees, storage and delivery costs must be disclosed to the customer before the transaction. Transaction information, including the inquiry number, tracking number and online viewing link, must be available to the customer.

Full text of the resolution

The full text of the aforementioned resolution is as follows: The Cabinet of Ministers, in its meeting on 14/7/2020, at the proposal of the Attorney General’s Office and pursuant to Note (4) appended to Article (18) of the Law on Combating Smuggling of Goods and Currency approved in 1394 and Article 138 of the Constitution of the Islamic Republic of Iran, approved the executive instructions for buying and selling gold and silver online as follows:

Executive instructions for buying and selling gold and silver online:

Article 1- In this resolution, the following terms are used in their respective meanings:

1- Gold and silver delivered to the treasury, gold ingots with standard number 8718 and silver ingots with standard number 8719.

2- Gold and silver delivered to the buyer: Gold or silver that is delivered in various deliverable sizes and weights, has a valid standard number (code) or mark, produced by licensed producers through the treasury from the gold and silver storage location or by the trade units that are parties to the contract with the platform and are delivered to the customer.

3- Gold, silver: tradable gold with a purity of 750 and silver with a purity of 925

4- Covered entities: Legal entities that, by launching a platform such as a website and an application, only buy and sell tradable gold and silver.

5- Central Bank: Central Bank of the Islamic Republic of Iran

6- Comprehensive Trade System: Comprehensive software system for integrating and monitoring the trade process, subject to Article (3) of the Executive Regulations of Articles (5) and (6) of the Law on Combating Smuggling of Goods and Currency, subject to Resolution No. 46443-T-51559-H dated 1395/4/23, with subsequent amendments, which was created in implementation of paragraph (a) of Article (6) of the aforementioned law and which controls and monitors trade as an integrated portal.

7- Treasury: Legal entities approved by the Central Bank that receive and store gold and silver delivered to the Treasury.

8- Supervisory System: A system that is responsible for matching the obligations of covered entities to the customer with the gold and silver inventory delivered to the treasury by monitoring transactions and gold reserves in compliance with the relevant laws and regulations and paragraph (d) of Article (107) of the Law on the Seventh Five-Year Development Plan of the Islamic Republic of Iran approved in 1403. The Central Bank is required to prepare, within three (3) months from the date of notification of this resolution, guidelines on the rules of supervisory measures and the manner of operating the aforementioned system, in addition to designing and establishing the supervisory system, and to notify it after approval by the Deregulation and Business Environment Improvement Board.

9- Customer: Any person who purchases tradable gold and silver from covered entities on the platforms or sells the purchased gold and silver to them.

Article 2 – The Virtual Business Union shall issue, extend, and revoke licenses for covered entities based on the rules approved by the Deregulation and Business Environment Improvement Board after conducting the necessary inquiries and obtaining approval from the Central Bank.

Note 1- The Secretariat of the Board for Deregulation and Improvement of the Business Environment is required to place the criteria of this article on the agenda of the said board for approval within one (1) month from the date of notification of this resolution.

Note 2- Only persons covered by this article are allowed to buy and sell tradable gold and silver. In the form of a platform such as a website and an application.

Note 3- Providing tradable gold and silver buying and selling services through the platform is only possible by observing the conditions stipulated in this article and other provisions stipulated in this resolution.

Note 4- Trading in gold with a fineness other than (750)