The market for online platforms trading physical gold in Iran has grown remarkably, now encompassing more than one hundred licensed platforms and close to twelve million users. This growth has occurred without a unified regulatory framework, with the result that at least four governmental bodies—the Central Bank, the Securities and Exchange Organization, the Iran Chamber of Guilds together with the Union of Virtual (E-commerce) Businesses, and law-enforcement and security agencies—simultaneously claim jurisdiction over this market. Employing a descriptive-analytical method, through an analysis of the relevant laws and a comparative study of four legal systems, this study shows that the root of this conflict is the lack of a clear legal classification for the asset in question. Online gold transactions simultaneously bear the characteristics of a "quasi-monetary asset," a "commodity-based financial instrument," and a "guild good"; each body, relying on one facet and invoking its governing law, justifies its own competence, while no rule exists for resolving the conflict. This disorder has entailed costly consequences, the most significant being the nationwide blocking of payment gateways in Tir 1404 (July 2025), prolonged uncertainty in license issuance, duplicated compliance costs arising from conflicting requirements, and—most importantly—the emergence of signs of a run and the vulnerability of retail users' assets under crisis conditions. In conclusion, this article proposes a model of "binding inter-agency coordination" and the establishment of a "sectoral regulator," and offers a three-part proposal for amending the 1404 Cabinet regulation.