- Iranian cabinet is planning to have crypto miners registered on a year-to-year basis.
- The registration requirements allow the government to stop illegal crypto activities while benefiting from the industry.
According to recent reports, a draft proposal to register crypto mining operators is awaiting official approval in Tehran. The proposed licenses would require information on employment, rent agreements and other business activities. The requirements allow the Iranian government to stop unneeded crypto activities while profiting from the crypto industry.
Earlier in June, Iran’s Ministry of Energy had stated that they would be cutting off the power supply to mining operations. This ban was acitve until the country's special pricing went into effect, about a month later. Under these special prices, miners are expected to pay $0.07 per kilowatt-hour.
In July, Iran authorized mining as an industrial activity. The Iranian cabinet banned the use of cryptocurrencies in transactions in August. On the other hand, the country’s National Tax Administration agreed to exempt repatriated crypto mining earnings from taxation a few days back.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.