A draft proposal for an Iran crypto mining license is being reviewed by the central bank.

Cryptocurrency mining has proliferated in Iran over the last two years due to state-subsidized electricity. Essentially, electricity is one of the most important factors in determining whether a cryptocurrency mining operation is profitable, and in Iran, electricity is cheaper than in most other places in the world.

In July, the Central Bank of Iran recognized the burgeoning cryptocurrency mining industry and promised to legalize it and regulate it. Essentially, miners will have to get their license renewed every year, and will have to disclose all of the details about the mining operation. At this time, it is undisclosed as to how much the license will cost.

This is perhaps good news for cryptocurrency miners in Iran, since the government is taking the route of regulating it instead of making it illegal. However, it is expected that there will still be numerous underground mining operations even after the license is available, since some people will prefer to stay anonymous and not pay taxes. It remains to be seen how the state will enforce the new regulations for an Iran crypto mining license.

 

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