Iran’s cabinet is looking into a proposal to register cryptocurrency miners on a year-to-year basis.
The requirements seem designed to allow the Iranian government to curtail unsavoury activities related to crypto while continuing to profit from an industry thriving in a country facing international sanctions and inflation economic factors that have resulted in a rise in national misery.
According to documents reported on Sept. 19, a draft proposal to register crypto mining operations is currently on its way to official approval in Tehran. The proposed licenses would require information on employment, rent agreements and other business activities.
Status of crypto in Iran
Recent months have seen a great deal of hubbub surrounding the Iranian government’s attitude towards cryptocurrency within its borders.
In June, Iran’s Ministry of Energy said that they would be cutting off power to mining operations using the country’s subsidised energy grid until special pricing went into effect. A month later, that special pricing was finalised, with miners expected to pay $0.07 per kilowatt-hour, compared to $0.05 for most citizens.
Subsequently, at the end of July, Iran authorised mining as an industrial activity. And while the Iranian cabinet rejected the use of cryptocurrencies in transactions at the beginning of August, Iran’s National Tax Administration did agree to exempt repatriated crypto mining earnings from taxation last week.