Iranian Crypto Miners Must Register Identities, Rigs, and Overall Size With the Government
- The government of Iran is going after illegal crypto miners with a decree from the Cabinet of Ministers’ meeting instructing cryptocurrency miners in the country to register their businesses in designated centers within the next month.
Iran is one of the few countries that has embraced cryptocurrency mining as a legal business in a bid to increase revenues and escape the tough economic U.S. sanctions placed on the country. In a bid to regulate the crypto mining industry and eliminating confusion within the industry, the government will place monitoring controls on the company's mining activities.
Within a month, every crypto miner is now required to disclose their identities, the size of their farms, electricity consumption, and disclose the number of mining equipment they own. The new mining activities regulations follow President Hassan Rouhani's call for more crypto mining policies to be put in place.
The statement from the Cabinet further asked the Ministry of Industry, Mines and Trade to release the center's list of those eligible for crypto miners to receive their registration documents. Owners of the mining devices are obliged to deliver all their devices to the mentioned centers or apply for a mining activity license within one month from the date of announcement of the mentioned list.
Early last month, Mohammad Hossein Farhangi, an Iranian Member of Parliament said the central bank should take charge of crypto regulations in the country as the country tries to align its policies on digital assets.
In April of this year, Iranian crypto miners were close to 4% of bitcoin’s hashrate.