20 September, 2019
Tehran is rumoured to approve the law which will regulate the cryptocurrency mining sector in the country.
According to the sources in the know, the document will be officially signed in the near term. The new law will force licensed cryptocurrency miners to provide personal data, including the list of commercial activities, expected investments, rental contracts, cost of mining facilities and length of a mining project.
Notably, the license will be subject to renewal every year.
For reference, Iran has witnessed a crypto mining boom over the past few years. At the same time, many players run illegal business and source capacities from underworld market as a way to avoid taxes.
With such a course of events, the Central Bank of Iran has decided to legalize this activity. Still, low-capacity miners will not have to register activities since the regulator wants to cover only professional crypto miners without amateurs.
Some market participants support such initiative saying that this move could stabilize this business in Iran. At the same time, it is clear that illegal miners will remain in the market once the law comes into force.
There is also an opinion that Iran can become of the main player in the bitcoin mining area over about a year.