Newsflash: Crypto Mining Is Now A Legalized Industrial Activity In Iran

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Newsflash: Crypto Mining Is Now A Legalized Industrial Activity In Iran

On July, 28, Iran held a cabinet session chaired by the Iranian president, Hassan Rouhani. According to Mehr News Agency, the cabinet consented to crypto mining and classified it as an industrial activity, thereby, any party wishing to undertake crypto mining is required to first acquire a license from the Ministry of Industry, Mine, and Trade.

Crypto Mining Is Now A Legalized Industrial Activity In Iran

As aforementioned, the Iranian cabinet categorized crypto mining as an industrial activity. Owing to this, participants should be warned that these cryptocurrency mining activities will be subject to taxation unless the cryptocurrencies are sent abroad and the accrued revenues channeled back to Iran. 

As per Mehr News Agency, Iran is now the hub of cryptocurrency mining due to the low electricity rates with countries such as China setting up mining firms in the region.

Presently, the price of electricity stands at $0.02 per kWh but this rate is likely to be set higher to $0.07 per kWh by the government because now crypto mining is a nascent industrial activity that should be profitable for the country.

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Could This New Move Signal Cryptocurrency Legalization In Iran In Future?

While crypto mining is now legalized, trading cryptocurrencies is still forbidden in Iran. This move is, however, a great step for the crypto space in Iran and comes a week after the Iranian government committee okayed cryptocurrency mining. 

On July 21st, the Governor of the Central Bank of Iran (CBI), Abdolnaser Hemmati stated, “A mechanism to mine digital coins was approved by the government’s economic commission and will later be put to discussion at a cabinet meeting.” 

In the near future, Iran could consider legalizing cryptocurrencies as well as it has a shot at circumventing the punitive economic sanctions imposed by the US government using cryptocurrencies.

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