Institutional changes for the Proper Functioning of Crypto-Assets in Reducing Transaction Costs and Enhancing Economic Governance in Iran

Based on the approach of New Institutional Economics, institutional changes in interaction with technological developments shape macroeconomic dynamics and the quality of economic governance in the long run. One of the emerging technologies in the financial domain is crypto-assets, which in recent years have attracted considerable attention from researchers, media, financial analysts, governments, the private sector, and investors. This phenomenon has led to significant transformations in national economies, and each country, depending on the quality of its institutions and the extent of its institutional adaptation, has managed the advantages and risks of this innovation in reducing transaction costs. In other words, crypto-assets have acted as a driving force for institutional change. Estimates suggest that in Iran's economy, over $۵۰ billion worth of cryptocurrencies are held by economic actors and the general public. Given the country's unique economic structure and high transaction costs, this issue is of particular significance. Therefore, this study examines the institutional reforms required for the effective functioning of crypto assets in the Iranian economy and their implications for economic governance, at both micro and macro-analytical levels. The findings indicate that blockchain technology the foundation of crypto assets introduces challenges to traditional economic patterns by enhancing transparency, securing transactions, and reducing intermediation. On the other hand, this technology requires the development of new institutional frameworks (legal and regulatory) to manage risks related to money laundering, tax evasion, and extreme market volatility. In other words, the effective role of crypto-assets in Iran's economic governance necessitates a comprehensive revision and modernization of legal and supervisory structures to align with this innovation. Such institutional innovation can, by lowering transaction costs, create new opportunities for improving economic efficiency, attracting innovative capital, and enhancing transparency. However, it also requires coordination among government bodies, financial institutions, and the economic community. A proposed multi-institutional, process-oriented regulatory model combined with a clear legal framework, support for innovation, and public awareness will be essential for the sustainable development of this sector.

کلیدواژه ها:

Blockchain technology ، crypto-assets ، economic governance ، institutional change ، transaction cost economics ، Iran