- Iran`s minister for industries is now authorized to resume issuing crypto mining licenses.
- The central bank of Iran had earlier banned crypto trading in the country.
- Iran has issued more than 1,000 permits for cryptocurrency mining.
According to local media, Iran’s Minister of Industry, Mine, and Trade, Reza Fatemi Amin, claimed his department is now authorized to resume issuing permits for cryptocurrency mining.
During a meeting last week, the Iranian government adopted a set of “complete and precise” crypto rules that include guidelines for mining. As the use of cryptocurrencies grows, so are the restrictions that have been put in place to control them globally.
It might be challenging to stay up to date with the laws in many international jurisdictions because the crypto landscape is continuously changing. For instance, Reza Fatemi was caught talking about the rulings by the government. The entities that apply to mine crypto assets can get an establishment license and an operating license.
After the central bank of Iran banned crypto trading inside the country in 2019, the government later last year ordered licensed cryptocurrency miners to temporarily stop operations. This was due to the extreme weather taking a toll on the country`s power grid during the cold months.
The national electrical utility then declared a four-month ban on cryptocurrency mining in May, but it was later reversed after authorized cryptocurrency mining facilities voluntarily stopped operating to reduce the demand for electricity.
Under the former regulatory system, Iran issued more than 1,000 permits for cryptocurrency mining. This led to Iranian authorities announcing the closure of about 6,914 illegal crypto mining operations.
All the issues related to crypto-assets, including how to provide fuel and energy, and how to assign and grant licenses were devisedFatemi Amin
The Iran Power Generation, Distribution, and Transmission Company, or Tavanir, asserted that over 85% of the country’s energy consumption was used for illegitimate cryptocurrency mining.
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