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Crypto Mining Recognized As Industrial Activity in Iran

By Yana Berman
July 29, 2019, 1:11 AM GMT
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    The Iranian government recognized crypto mining as an industrial activity, local news agency Mehr News reported on Monday, July 29.

    The cabinet session led by Iranian president Hassan Rouhani decided to introduce obligatory licenses for crypto miners in the country. To obtain them, the miners should apply to the Ministry of Industry, Mine and Trade. The crypto miners will also be subject to taxes, like other industrial activities.

    Despite the fact that mining becomes legal, the crypto transactions in the country will still remain prohibited, Mehr noticed. Moreover, the miners will work on their own risk, as the banking system will not provide guarantees for the mining business.

    In June, Iranian authorities confiscated almost 1,000 bitcoin mining machines to prevent illicit crypto mining. The operation was carried out after the electricity consumption in Iran had increased by 7% earlier that month.

    Moreover, an official at Iran’s Ministry of Energy Mostafa Rajabi Mashhadi promised to cut off power to crypto mining until the government approves new energy prices for this industry. Later Energy Minister Homayoon Ha’eri revealed that the scheme had been finalized and awaited approval from the government.

    Crypto Mining Recognized As Industrial Activity in Iran

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