Crypto mining gets legal status in Iran

Posted 29 July, 2019

Tehran has decided to classify the cryptocurrency mining as industrial production during the recent meeting of the government last Sunday.

During the meeting, the ministers have determined that crypto mining should be considered as an industrial activity. The Cabinet has issued the corresponding order under which all miners in the cryptocurrency sector will have to get a license. The permission for mining will be granted by the Ministry of Industry, Mine and Trade.

Along with the new status, crypto mining will become subject to taxes like other industrial activities in Iran. At the same time, tax benefits will be provided only to miners that will export cryptos and bring back money to Iran.

It was mentioned that miners would get no guarantees from Tehran, so they should bear all the crypto-related risks on their own.

Notably, the officials once again stated that payments with cryptocurrencies remain outlawed in the country.

Earlier, Iran's Minister of Energy claimed that crypto mining industry should not enjoy any reduced power tariffs. 

For reference, the head of CBI Abdol Nasser Hemmati stated in early July that Iran was considering the legalization of crypto mining citing heavy economic challenges caused by international sanctions.

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