New Annual Licensing Crypto Mining Regulations Proposed by Cabinet of Iran
The Iranian government set to introduce new cryptocurrencies mining regulations in a new draft proposal sent from the Cabinet of Iran, as reported by Coindesk in exclusive reports from Tehran.
The new draft proposes an annual license for cryptocurrency miners and expects these miners to provide information on their business activities, their employment and rental status and a list of other mining-related information. The directive, which locals say is close to official approval, will require miners to provide the value of their mining equipment, value derived from mining and the period of mining.
A Conflicted Proposal to Miners
For the better part of the last two years, the Iranian government has shown increased interest in regulating the crypto mining industry to provide a cushion from the sanctions by the US government.
An unnamed Bitcoiner in the country sees this an opportunity by the government to create a stable mining industry. How exactly? One respondent speaking to Coindesk anonymously explained the role of the government saying,
“It’s obvious that the power industry here in Iran, it’s not a private business, it’s from the government.”
Some of the benefits include standardizing the mining operations to control the power usage to prevent harming the power grids, the Iranian respondent said.
“If there’s a constant, a continuous consumption of electricity you can also make new power plants or assign power plants to this.”
However, a number of cryptocurrency miners remain disgruntled and more are expected to use illegal ways to mine Bitcoin and obtain mining equipment.