The crypto mining industry in Iran has had an event full year that has seen it go from being on the brink of being banned to having some sense of acceptance from the government. At a certain point in time, the government threatened to remove certain people from the national energy grid because they were taking advantage of subsidized energy rates to mine cryptocurrency and there was even talk of banning mining altogether. Since then, the government has set up a special tariff in terms of energy use for crypto miners and has also put laws in place that regularizes the industry. 

It was reported on September 19, 2019 that the government is looking into a draft that would propose registering cryptocurrency miners in the country on a year-to-year basis and this is yet another form of structural regulation for minors within Iran.

Registration 

The draft in question is on its way to being approved in Tehran and will require crypto minors to register each year as well as provide certain information such as rental agreements, employment history and other business activities that will give some insight into how the industry is running on a consistent basis.

This would benefit the Iranian government in that they would be able to curtail any illegal or unethical practices within the industry as well as keep an eye it and also will be able to turn a profit from the industry which is relevant seeing as sanctions placed on Iran has led to a state of rising economic misery and as such, the country needs as much income as they can get and crypto mining is a thriving venture.

Besides the proposed registration of crypto miners, the Iranian tax authority has also given tax-free status to repatriated earnings from cryptocurrency mining and it has also been formally recognized as an industry by the government and this goes to show how much of a thriving business it has become around the world as a few years ago, crypto was not recognized in any form by many world governments but has since gone on to become profitable and viable and it cannot be ignored anymore.

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