President of Iran, Hassan Rouhani, has stressed on the need to have a national body that regulates crypto mining in Iran.
According to a news blog in Iran, the president was in a meeting with top echelons in the country to discuss a way forward on regulation of the digital market.
The bodies represented in the meeting were the Central Bank of Iran, the info and tech industry as well as the department of energy resources in the country.
The President specifically asked them to think up a move forward on how crypto mining would be regulated and how the revenue gotten from them would be used to better the country.
Crypto mining in Iran legalized
Iran can be said to be one of the countries in the world that sees the crypto mining industry as a legal trade after they made moves and got the trade legalized in the country in 2019.
With this new development, the Iranian government will approve anyone who wishes to embark on crypto-related activities in the country.
With over 1,000 licenses already issued to approved crypto mining outfits in Iran, Iran can boast of about 4 percent contribution in Bitcoins total hashrate.
Iran to begin stringent measures to curb crypto fraud
The Iranian government has said it is making moves to approve a bill that would involve crypto in the foreign policy bill which would check fraud and money laundering in the industry. In light of this new development, all old and new crypto mining outfits in Iran would need to undergo an approval process initiated by the country’s central bank.
With some people feeling this move was created to curb much money leaving the country, others argued that it was the ideal regulation to curb fraud with sanctions leveled on erring firms. At the beginning of the year, Iran was accused of using cryptos to outsmart sanctions imposed by the United States of America.
The new regulation that checks crypto mining in Iran has failed to address foreign miners that own the most significant shares of the mining operations in the country.