Economic and Commercial Law Researches

A Critical Review of Central Bank Regulation over Banking Service Providers: Case Study of Iran Informatics Services Corporation, Shaparak, and the Iran Currency and Gold Exchange Center

Articles in Press

Document Type : Original Article

Authors

seyyed mojtaba vaezi 1
mohammadtaher safarzadeh arabi 2

1 law and political science faculty, shiraz university

2 shiraz universuty

10.48308/eclr.2026.240680.1187
Abstract
Recent developments in monetary and banking legislation have highlighted the Central Bank’s responsibility to preserve the stability, soundness, and transparency of the country’s banking network. Nevertheless, the Central Bank’s regulatory approach toward key banking service providers—including Iran Informatics Services Corporation, Shaparak, and the Iran Currency and Gold Exchange Center—faces significant challenges. Adopting a critical perspective and utilizing a descriptive-analytical methodology alongside legal text analysis, this article evaluates the Central Bank’s performance in relation to these companies and seeks to answer the primary question: “What challenges does the Central Bank face in regulating banking service providers?” Throughout the study, various issues are examined, such as the lack of privatization of the Iran Informatics Services Corporation, insufficient oversight over Shaparak’s extra-legal authorities, and the overlap and interference of responsibilities with other supervisory entities, including the Securities and Exchange Organization, in structuring the Iran Currency and Gold Exchange Center. The findings indicate that existing regulatory gaps and conflicts have led to substantial problems in the sound regulation of such companies, and in certain cases, the Central Bank's actions even conflict with prevailing regulations. This critical review aims to offer a clear depiction of the main obstacles and challenges in regulation within this field, illustrating the urgent need for a fundamental reassessment of the Central Bank’s supervisory approaches.

Keywords

Banking system
Central Bank
National Informatics Company
Shaparak (Payment Gateway)
Iran Gold and Currency Exchange Center
Economic and Commercial Law Researches

Articles in Press, Accepted Manuscript
Available Online from 13 July 2026

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