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7054
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81840
Markets
2019-09-20

Crypto Miners Registration System Proposal In Iran

The Iranian Cabinet is considering the proposal to register miners extracting funds in the cryptocourse every year.

A draft proposal on the registration of crypto-mining operations is currently on its way to official approval in Tehran. The proposed licences would require information on employment, lease agreements and other business activities. 

The requirements appear to be aimed at enabling the Iranian government to curb unsavoury cryptographic activities while continuing to profit from a thriving industry in a country facing international sanctions and inflation, economic factors that have led to increased domestic poverty.

Recent months have brought much confusion about the attitude of the Iranian Government towards cryptovalutism within its borders. 

In June, the Iranian Ministry of Energy stated that until the entry into force of special prices, it would cut off the supply of energy to mining operations using the country's subsidised power grid. A month later, the special prices were finalised and the miners were to pay USD 0.07 per kilowatt hour, compared to USD 0.05 for most citizens. 

Then, at the end of July, Iran approved mining as an industrial activity. And while Iran's cabinet rejected the use of cryptographic currencies in transactions in early August, Iran's National Tax Administration agreed to exempt repatriated profits from cryptographic mining from taxation last week.