Iran has proposed an annual licensing scheme for cryptocurrency miners

Licensed and registered cryptocurrency miners will be required to provide certain information about themselves, including a list of commercial activities, expected investment, current employment status, lease agreements, cost of mining equipment and duration of the mining project. The license will have to be renewed annually.

The mining industry in Iran has experienced a rapid rise over the past two years. At the same time, the majority of entrepreneurs operate out of sight of regulators and purchase equipment on the black market, avoiding taxes. In this regard, the Central Bank of Iran decided to legalize the miners. According to the authorities' proposal, owners of low-power equipment will not have to register, which will make it possible to exclude amateur miners from the scheme.

One of the industry participants said that he supports the initiative, as it may lead to the formation of a more stable business in the country. For example, if too many miners are concentrated in one region, they may be asked to allocate their existing capacity.

"It is clear that the energy industry is controlled by the state, not by private businesses. They need to figure out how to balance mining operations so that they do not harm the power grid. If sustainable electricity consumption is discovered, they will be able to start up new power plants or throw in existing ones," another source said.

He admits that clandestine mining, with the approval of the bill, will not be completely eradicated. The third predicts that Iran will become a key player in the Bitcoin mining space over the next year.