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Iranian Government To Introduce Crypto Mining Regulations

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Iranian government is set to introduce cryptocurrency mining regulations. Sources indicate that the draft of the regulations is almost getting the official approval. The proposed rules will require cryptocurrency miners to submit information about their business activities, the value of their investment, employment status, rental agreements, cost of mining equipment, and the duration of the mining project. The license will also require annual renewal.

The cryptocurrency mining industry has grown tremendously in the past two years. The presence of subsidized electricity has been the main contributing factor to this growth. A survey by market analytics firm Gate Trade on more than 1,600 Iranian crypto users, has shown that 35 percent of the respondent earned income through mining. The survey further shows that 70 percent of respondent were eager to learn about the mining business.

One anonymous source told CoinDesk that most of the miners are in the spotlight following the importation of equipment illegally and evading taxes. However, in July 2019, the Central Bank of Iran legalized the industry and agreed to enact lawful licensing procedure.
The licensing laws which are yet to be approved will apply to miners with equipment that require 30 kilowatts to operate. This will exclude homemade equipment and small operation.

Some of Tehran bitcoiner support the move saying that it will create a foundation for sustainable mining in the country. However, this legislation will not reduce the increase of just for fun miners from joining the bitcoin community.
Another source indicates that Iran could become one of the world-leading bitcoin miners by 2020.

Source: https://europeangaming.eu/portal/compliance-updates/2019/09/24/54900/iranian-government-proposes-for-new-cryptocurrency-mining-regulations/


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Isaac Munga

Isaac Munga

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