Crypto mining in Iran bill passed on Sunday cabinet meeting

crypto mining in Iran authorized

According to a report from a local news agency, crypto mining in Iran has finally been authorized after the Sunday cabinet meeting on July 28th.

Any and all companies willing to start a crypto mining business in Iran will have to apply for a license from the local Ministry of Industry, Mine and Trade.

As it seems, the main discussion about crypto mining in Iran would boil down to crypto legality in the country in general. But that has also been resolved. Unfortunately, the cabinet didn’t agree on removing restrictions from crypto trading, but at least the crypto mining industry is a start.

Crypto mining in Iran remains subsidized

Other good news for crypto miners in Iran is that the subsidies on electricity will remain active, that’s half-a-cent per kilowatt, which makes the business extremely profitable even when compared to places like China.

The hype for crypto mining in Iran started a little less than a month ago when the bill was first announced. It sparked one too many enthusiasts to believe it immediately, but it seems their hope was not in vain.

Many crypto miners in the country now believe that legislation that would make crypto trading legal in Iran is just a few steps away.

Although the adoption of the blockchain is one of the primary reasons for the new bill, the extra tax revenue isn’t too shabby for Iran as well, especially in the wake of US sanctions.