Iran’s crypto mining industry adopts new regulations

Iran's crypto mining industry adopts new regulations

The Iranian cabinet is considering a proposal for an annual licensing of cryptocurrency miners. It is a draft law on mining activity, which is being approved by Tehran. In order to obtain the activity license, the interested parties should make available to the authorities information about the employees, rental contracts and other business activities.

The requirements seem designed to allow the Iranian government to reduce adverse activities related to cryptocurrencies. At the same time, the budget will continue to benefit from a thriving industry in a country facing international sanctions and inflation. At present, the economic situation of the population is very difficult, a large part falling into the category of poverty.

Numerous regulations for the crypto mining industry in Iran

In recent months, the Iranian government’s attitude towards cryptocurrencies has been the subject of much international speculation.

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In June, the Ministry of Energy in Iran said it would shut down electricity supply for mining operations. The price of electricity is subsidized in the country, and the idea was to impose special prices for the crypto mining industry. A month later, that special price was finalized, and miners have to pay $ 0.07 per kilowatt-hour, compared to $ 0.05 for most citizens.

Subsequently, at the end of July, Iran authorized the mining operation as an industrial activity. In early August, the Iranian cabinet rejected the use of cryptocurrencies in transactions.

However, the National Tax Administration in Iran has announced that profits from mining repatriated cryptocurrencies are tax-exempt.

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