- 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.