Iran Begins Licensing Crypto Mining Under the New Regulatory Framework

Iran Permits Crypto Mining

During a meeting last week, the Iranian government approved a set of "complete and extensive" crypto rules, including guidelines for mining. Reza Fatemi Amin, Iran's Minister of Industry, Mines, and Trade, claimed that local media had reported that his department was now able to grant permits for crypto mining. Before a company in Iran may begin mining cryptocurrency, it must get an installation and an operating license. The first makes the entity a legitimate cryptocurrency miner, while the second gives it the go-ahead to begin mining.

Mohsen Rezai Sadarabadi, Secretary of the Government's Working Group on Cryptocurrencies, provided some information about the recently approved regulatory framework for cryptocurrencies. He said mining facilities can now apply for licenses and use the cryptocurrency mined to pay for imports.

He added that the new legal framework has laws that extensively address crypto mining operations and that the Ministry of Industry, Mines and Trade is responsible for licensing crypto miners. There are also plans to supply energy to the mining sector, with renewable energy taking precedence.

Iran's Central Bank Prohibited Cryptocurrency Trading

Iran's central bank forbade cryptocurrency trading within the nation in 2019. However, the government approved the cryptocurrency mining industry. Later, a regulated framework was formed, requiring cryptocurrency miners to obtain a license, identify themselves, pay expensive electricity rates, and sell their produced Bitcoins to the government directly. Iran changed several regulations in July to make it simpler for cryptocurrency miners to get renewable energy.