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.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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