Sweden approves incorporation of firm that uses bitcoin to legally circumvent Iranian sanctions

The Swedish government has allowed the incorporation of a venture capital firm that would begin investing in Iran using the bitcoin payment method.

By using the cryptocurrency, Brave New World Investments (BNWI) appears to have found a legal way to circumvent US sanctions.

While BNWI uses bitcoin for investment purposes, the firm’s business model could be adapted to facilitate trade between Iran and the rest of the world.

Sanctions differences

Sweden, along with the rest of Europe, has a more relaxed policy on sanctions against Iran than the US, where sanctions remain firmly in place more than a year after most international sanctions imposed on the Islamic Republic were lifted.

BNWI accepts cryptocurrency investment and converts it to Iranian Rial, the currency required for investing in equities on the Tehran Stock Exchange.

Banks fearful

The company’s decision to use bitcoin entirely for its operations was made after several Swedish banks decided not to offer their services to BNWI for fear of falling foul of the remaining US sanctions.

The Swedish company on its website claims to have met all required regulations in place, including anti-money laundering directives.

BNWI is seeking the participation of European and other investors on the platform, and plans to invest in a diverse portfolio of Iranian stocks.



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