Iran Finalizes Crypto Regulations

He explained that the government has ratified a «comprehensive and detailed» law that defines cryptocurrency regulations, including the use of fuel and electricity for crypto mining and the authorized uses of cryptocurrencies, Tasnim news agency conveyed. The minister added that under an agreement between his ministry and the central bank of Iran, cryptocurrency can be used to pay for imports. sanctions imposed on the Iranian finance and banking sector, allowing Iran to trade with countries similarly embargoed by U. .

Minister Fatemi-Amin was quoted by Iran International publication as saying

All the issues related to crypto-assets, including how to provide fuel and energy, and how to assign and grant licenses were devised. He explained that some crypto miners were previously licensed and authorized to operate in the country. Fatemi-Amin said that the government has decided to resume issuing licenses for crypto mining operations under the new regulatory framework. In August 2019, the Iranian central bank banned crypto trading inside the country but the government has since allowed the use of cryptocurrencies, like bitcoin, to pay for imports.

The national electricity company then announced a four-month ban on crypto mining in May. The authorities lifted the ban in mid-September after licensed crypto mining facilities voluntarily shut down their operations to ease the electricity burden.

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