A PYMNTS Company

Iran Starts Licensing Crypto Under New Regulation

By  |  September 5, 2022

The government of Iran has reportedly started issuing licenses to crypto miners under the new “comprehensive and detailed” regulatory framework approved last week.

The authorities previously issued licenses to a number of crypto mining operations but halted the process due to power consumption and illegal mining issues.

The Iranian government approved a set of “comprehensive and detailed” crypto regulations during a meeting last week that include provisions for crypto mining.

Reza Fatemi Amin, Iran’s minister of Industry, Mine, and Trade, said his ministry now has permission to resume issuing licenses for crypto mining, local media reported. He was quoted as saying “Based on the rulings by the government, the entities that apply to mine crypto assets can get an establishment license and an operating license.”

A pair of licenses are needed before an entity can start mining cryptocurrencies in Iran: an establishment license and an operating license. The former establishes the entity as a legal crypto miner while the latter allows it to actually start crypto mining.