Cryptocurrency mining has been recognized as an industrial activity in Iran

The decision was taken over the weekend during a Cabinet meeting chaired by President Hassan Rukhani. From now on, miners in Iran will have to obtain a license for their activities from the Ministry of Industry, Subsoil Development and Trade.

According to the media, many experts believe that this announcement is the first step towards legalizing cryptocurrencies in Iran, including the circumvention of U.S. sanctions. However, the authorities noted that digital currencies remain illegal as a tool for domestic remittances, while industry participants assume all the associated risks and cannot rely on the support of the government or the local banking sector.

Earlier it was reported that Iran is considering the possibility of raising electricity tariffs for miners of cryptocurrencies. Currently, they, like other consumers, benefit from subsidised prices, which is believed to have led to an influx of industry players from other countries, including China, into the region.