With the recent developments surrounding the legalization of
cryptocurrency mining in Iran, one might naturally inquire: "Is crypto mining legal in Iran?" The Iranian government has indeed taken steps to officially recognize and regulate crypto mining as an industrial activity. This decision was made in a cabinet session chaired by President Hassan Rouhani, who authorized crypto mining while emphasizing that those involved must obtain licenses from the Ministry of Industry, Mine and Trade.
Furthermore, the government has acknowledged that crypto mining, like other industrial activities, is taxable unless individuals export their cryptocurrencies and repatriate the revenues. However, it's worth noting that using digital money for domestic transactions is still not allowed. This shift in policy seems to be a response to the economic pressures Iran is facing, especially given the low electricity costs that have made mining particularly profitable in the country.
So, in summary, the answer to the question is yes: crypto mining is now legal in Iran, but it's subject to certain regulations and taxation.
7 answers
Margherita
Thu Jul 11 2024
In August 2019, Iran made a significant move in the world of cryptocurrency.
Ilaria
Thu Jul 11 2024
The country issued a regulation that formally recognized crypto mining as a legitimate economic sector.
CryptoKnight
Wed Jul 10 2024
In the UK, BTCC, a leading cryptocurrency exchange, offers a wide range of services to its customers.
Alessandro
Wed Jul 10 2024
This landmark decision positioned Iran as a pioneer in the integration of cryptocurrency into its national economy.
KimonoGlory
Wed Jul 10 2024
Notably, Iran became the first nation to utilize cryptocurrency as a reserve asset.