Iranian Government Implements Cryptocurrency Rules | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
Iranian authorities have implemented new regulations to govern all cryptocurrency-related activities in the state. The new law stipulates that all crypto-related transactions in the region remain illegal and cryptocurrency miners are required to obtain the relevant licenses while also operating in compliance with other guidelines, reports PressTV on August 5, 2019.
Bitcoin Remains Illegal
Per sources close to the matter, as more and more Iranians have started latching onto the bitcoin bandwagon in a bid to survive the harsh international sanctions on the state, the Iranian Cabinet has put in place regulatory guidelines to govern crypto-linked activities.
Though the new rules have failed to legitimize bitcoin trading, as well as the use of blockchain-based digital currencies as legal tender, it has however greenlighted crypto mining operations carried out under certain conditions.
Bitcoin miners are now required to get the approval of Iran’s Industry ministry before commencing operations and they must endeavor not to mine coins “inside a 30-kilometer boundary of all provincial centers except in Tehran and Isfahan.”
Heavily Taxed Miners
Notably, the new legislation has also made it clear that crypto mining farms will attract the same level of taxation as industrial manufacturing firms unless the profit generated via the activity is reinvested in the nation.
Furthermore, prospective miners looking to pitch their tents in the region’s free economic zones will be required to come under the purview of local authorities in such areas
Earlier in July 2019,