The U.S. Treasury has expanded its sanctions framework on Iran to include the country’s entire digital asset sector, according to a post by Bitcoin News on X. The measure took effect on Aug. 24 and gives the Office of Foreign Assets Control, or OFAC, broader authority to act against operators tied to the sector regardless of where they are located. The expanded sanctions scope also covers gold, shipping, aviation and technology.
Blockchain analytics firm Elliptic said Iran’s central bank had obtained at least $507 million in USDT. The report also said Tether froze $344 million in USDT linked to the bank in April. In addition, Iran has used Bitcoin mining to acquire crypto assets. Elliptic estimated that the country accounts for about 4.5% of global Bitcoin mining and generates crypto assets worth hundreds of millions of dollars each year. The measure does not automatically sanction all Iranian crypto users, but it gives the Treasury wider powers to target the sector and supporters of designated entities connected to it.
The U.S. Treasury has widened its sanctions on Iran to include the country’s entire digital asset sector, according to a post by Bitcoin News on X.
Under the expanded framework, the Office of Foreign Assets Control, or OFAC, can take action against operators in the sector regardless of where they are based. The measure took effect on Aug. 24. Its scope also extends to gold, shipping, aviation and technology.
Elliptic data cited in the report
Elliptic said its tracking found that Iran’s central bank had obtained at least $507 million in USDT. The report added that Tether froze $344 million in USDT linked to the bank in April.
Bitcoin mining as a source of crypto assets
Bitcoin News also said Iran has acquired crypto assets through Bitcoin mining. Elliptic estimated that Iran accounts for about 4.5% of global Bitcoin mining and produces crypto assets worth hundreds of millions of dollars each year.
The measure does not automatically place all Iranian cryptocurrency users under sanctions. Still, it gives the Treasury broader authority to act against the sector and against supporters of related designated entities.
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