The President of Iran Hassan Rouhani has emphasized the importance of a revised national approach for the emerging crypto industry. According to the Iranian news site ArzDigital report, Iranian President chairing Iran’s economic coordination headquarters, during a seminar for the national economic strategy told officials from the Central Bank of Iran (CBI), energy department and information and communication technology ministries to devise a new national approach for crypto mining including regulation and mining revenue.
Iran is among the few countries to recognize crypto mining as a legitimate industry.
The Middle Eastern country, Iran, was one of the first countries to recognize crypto mining as a legitimate industry officially. Iranian government now issues licenses to crypto mining firms, giving them the right to mine and then sell off any digital assets produced. Iran recognized crypto mining as a legitimate industry back in 2019. Iranian authorities had issued over 1,000 licenses to crypto mining firms in the first six months. According to the Bitcoin Mining Map, Iran currently has a 4% share in bitcoin’s total hashrate, which is more than double what it was at the beginning of September 2019.
Iran looks to clamp down on the crypto industry.
The Iranian parliament earlier published a bill proposing to apply the country’s strict foreign exchange and currency smuggling regulation to cryptocurrencies. The proposed law would also require cryptocurrency exchanges operating in the country to first register with the Central Bank of Iran. Possibly in a move to try and prevent too much capital from leaving the country. The proposed laws also suggest massive fines and imprisonments for firms smuggling crypto in the country. Interestingly, the US administration earlier blamed Iran for using cryptocurrencies to evade sanctions put on by the US. The proposed law also failed to account for foreign crypto exchanges, which control the largest stake in the market, among several other things.