Iran Approves Crypto Mining As Industrial Activity

News, Regulation | July 30, 2019 By:

The government of Iran has authorized crypto mining as an industrial activity.

Local news outlet Mehr News Agency reported that during a cabinet session on Sunday chaired by Iranian President Hassan Rouhani, the government has given crypto miners the green light to begin operations in the country. Acording to the report, crypto miners will be required to seek a license from Iran’s Ministry of Industry, Mine and Trade.

“Those who use cryptocurrencies should accept its risks and the government and banking system will not provide any guarantees for them,” The government’s decision said. “Crypto mining, like other industrial activities, is taxable unless individuals export cryptocurrencies and bring back the revenues to the country.”

While the decision noted that using cryptocurrency in domestic transactions is still not allowed, many experts are interpreting the move as being the first step towards the legalization of cryptocurrencies in Iran. They believe that cryptocurrencies can be used as a means to mitigate the effects of US-imposed harsh economic sanctions against Iran.