Tanya Abrosimova
Independent Analyst
- The Cabinet approved the bill that made crypto trading illegal in Iran.
- Mining activities are allowed provided that miners comply with strict requirements.
The Cabinet of Ministers of Iran has approved the bill that made cryptocurrency trading illegal on the territory of Iran.
Meanwhile, crypto mining is considered as eligible industrial activity, the local media outlet PressTV reports.
According to the adopted legislation, cryptocurrencies are not considered as a legal tender, and the central bank of Iran will not guarantee or back up their value. Transactions with digital currencies and cryptocurrency trading are also deprived of official approval.
Notably, Iran recently approved cryptocurrency mining provided that companies and individuals engaged in such activity comply with certain requirements. Thus, miners will have to get the approval of the local Ministry of Industry. Also, it is forbidden to mine cryptocurrencies within the 30-km border of all provincial centers, except for Tehran and the city of Isfahan. More stringent restrictions will be applied to these large cities.
Miners will also have to pay a higher price for electricity. Their tariffs are in line with the cost of energy exported by Iran to other countries. Mining will also be taxed (benefits will be provided only to those who intend to sell cryptocurrencies abroad and share the proceeds with the state).
Iranian Energy Minister Khomayun Khairi emphasized that cryptocurrency miners should have reduced electricity tariffs available for Iranian citizens.
Notably, cryptocurrency mining was recognized as an industrial activity at the meeting of the Cabinet of Ministers of Iran at the end of July.
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