Legislation For Registration Of Crypto Mining Businesses Under Consideration In Iran
Several countries are working towards developing crypto-friendly policies and Iran is one of these countries.
The country has a growing crypto community and developing frameworks that support this sector is crucial in allowing it to grow.
Development of crypto legislation
The countryâ€™s cabinet has begun considering a policy for the registration of crypto miners. The mining of cryptocurrency is central to all actions surrounding a crypto network, and the registration of these miners will be a massive boost to the countryâ€™s crypto sector.
It will allow businesses to grow in the industry and encourage more people to get into the trade of digital assets.
The legislation being considered by Iranâ€™s cabinet will see crypto miners receive registration on a year to year basis.
Firms or individuals that require crypto mining licenses from the Iranian government will have to satisfy specific requirements before they can receive the permit.
They will need to provide information about rental agreements for the premises they’ll be working from, information on their employment records and other information on activity related to their business.
The requirements placed around the issuance of the licenses allow the government to have control over the crypto sector and the activity in it.
They’ll be able to monitor what these businesses do, and hence, they can be sufficiently armed against the illicit crypto activity. Having a regulated crypto sector will allow the country to benefit from a profitable industry.
Cryptocurrency could also help Iran fight against wanton inflation as the country is suffering from an economic crisis.
Expansion of Iranian crypto sector
Iranâ€™s cryptocurrency sector has been surrounded by a lot of activity over the past few months. The Iranian government has also changed its attitude towards digital assets and how they can regulate them.
These changes in position have translated to policy and regulatory changes such as the one currently being considered by the countryâ€™s cabinet.
The countryâ€™s Minister of Energy announced changes to the pricing of energy in the country. Cheap power is vital to the progression of crypto mining, and miners gravitate towards countries with cheap electricity.
China carries most of the worldâ€™s Bitcoin mining power, and this is because of the availability of cheap hydroelectric power.
Iranâ€™s Energy Ministry created special pricing for the power made available to crypto mining enterprises. The special pricing was followed by authorization of crypto mining as industrial activity in the country.
The recognition of this industry is the countryâ€™s first step towards fully embracing and regulating crypto use within its borders.
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