The Iranian government looks to start up an annual license for crypto mining

According to CoinDesk there have been documents detailing a draft proposal for new cryptocurrency mining regulations in Iran. The sources in Tehran suggest the law is well on its way toward official approval.

In the proposal the Cabinet of Iran, miners will have to submit information such as their list of business activities, the predicted value of their investments, current employment status, rental agreements for the space itself, the value of their mining equipment and the duration of the mining project. The license will need to be renewed every year.

Mining has grown so much in the area after the state chose to subsidise electricity for locals. There were some comments from a local anonymous source:

“It’s obvious that the power industry here in Iran, it’s not a private business, it’s from the government,”. They continued to say “They need to figure out how to balance mining [operations] so that they wouldn’t harm the power grid. If there’s a constant, a continuous consumption of electricity you can also make new power plants or assign power plants to this.”

The source still remained slightly sceptical adding:

“There will be a lot of underground mining operations,” he said. “I predict that this will happen, that the power grid will take a hit from the abundance of people who will do mining in their homes.”

So Iranian cryptocurrency miners could be able to legitimize their operations. This progressive nation may indeed find itself a haven for miners worldwide.