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Iranian Government Implements Cryptocurrency Rules

Iranian authorities have implemented new regulations to govern all cryptocurrency-related activities in the state. The new law stipulates that all crypto-related transactions in the region remain illegal and cryptocurrency miners are required to obtain the relevant licenses while also operating in compliance with other guidelines.

Bitcoin Remains Illegal

Per sources close to the matter, as more and more Iranians have started latching onto the bitcoin bandwagon in a bid to survive the harsh international sanctions on the state, the Iranian Cabinet has put in place regulatory guidelines to govern crypto-linked activities.

Though the new rules have failed to legitimize bitcoin trading, as well as the use of blockchain-based digital currencies as legal tender, it has however greenlighted crypto mining operations carried out under certain conditions.

Bitcoin miners are now required to get the approval of Iran’s Industry ministry before commencing operations and they must endeavor not to mine coins “inside a 30-kilometer boundary of all provincial centers except in Tehran and Isfahan.”

Heavily Taxed Miners

Notably, the new legislation has also made it clear that crypto mining farms will attract the same level of taxation as industrial manufacturing firms unless the profit generated via the activity is reinvested in the nation.

Furthermore, prospective miners looking to pitch their tents in the region’s free economic zones will be required to come under the purview of local authorities in such areas

Earlier in July 2019, As informed that Iran’s Economic Commission had revealed plans to increase electricity tariffs for bitcoin mining so that miners would no longer enjoy existing power subsidies.

Now, the new bill requires authorized mining farms to pay the same electricity fees that apply to energy exports from Iran, and miners must also obey rules set by the nation’s standardization and communications agency for mining equipment.

In June 2019, reports emerged that Iranian power officials had seized 1,000 bitcoin mining machines from miners for illegally using government-subsidized electricity.

Though Iran’s new cryptocurrency legislation may not be entirely amenable, the government’s approach towards regulating its cryptospace is still far better than what is obtainable in jurisdictions like China and India.

On July 31, 2019, As reported that India’s NASSCOM had condemned the government’s move to completely ban cryptos in the country and jail anyone caught with bitcoin.

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Binance Coin313.42 0.33 % 1.89 % 17.65 %
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USD Coin1.000 0.27 % 0.16 % 0.08 %
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