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What are the rules for mining digital currency in Iran?
It should be said that the laws on cryptocurrency mining in Iran are still somewhat ambiguous. It has not been long since cryptocurrencies have occupied a significant place in the global economy. Given this, many countries still do not have clear laws regarding their mining or buying and selling. In some governments, even the exchange of these currencies and their mining are criminalized and prosecuted. Given the importance of this issue, in the rest of this article, we intend to review the laws on cryptocurrency mining in Iran.
What is the process of regulating digital currencies in Iran?
Over the past few years, relevant institutions have clarified some laws and regulations around the mining and trading of digital currencies. The laws related to some of these areas are almost finalized, but there are still cases that require legislation. The most important thing about digital currencies is that almost no legal institution has the ability to monitor their activities. This is why many countries are cautious about passing laws related to them, and Iran is no exception to this rule.
Is buying and selling digital currency legal in Iran?
Currently, there is no legal prohibition on buying and selling cryptocurrencies in Iran. According to the law, any act or omission for which a “punishment” is specified is considered a crime. Therefore, since no punishment has been specified for trading cryptocurrencies, it is not considered a crime.
Is buying and selling NFTs legal in Iran?
Considering the use of NFTs in real estate , what are their uses in other areas, etc., it is necessary to know the laws related to NFTs, but they have not yet been specifically legislated. However, buying, selling, or holding them, like digital currencies, is not legally prohibited.
Is using digital currencies a crime in Iran?
As mentioned, according to the Central Bank’s digital currency law, buying and selling them and using these currencies in official financial markets in the country is not possible and is considered a crime. The use of digital currencies as a payment method is also not yet recognized in Iran. Outside of this scope, the use of these currencies does not pose a legal problem.
Is cryptocurrency mining legal in the country?
Regarding the laws on mining digital currencies in Iran, it should be said that the first step is to obtain a mining license from the Ministry of Finance. Mining and mining digital currencies requires high energy consumption, which is low in Iran. This has led some people to want to earn additional income from the digital currency market by directly mining them, in addition to buying and selling these currencies. This is while the high electricity consumption for mining digital currencies can disrupt the network. For this reason, mining digital currencies is one of the areas related to these currencies, for which specific laws have been developed not only in Iran but also in other countries.
Digital currency laws in Iran and the world
The law on trading and mining digital currencies in Iran and around the world continues to evolve and change over time. For example, in January 2017, the Central Bank of Iran banned the use of Bitcoin and other digital currencies in all financial centers in the country. Also, currently, no institution or organization in Iran issues licenses to launch digital currency exchanges. For this reason, many domestic exchanges are operating without official licenses, which, of course, as mentioned, does not mean that they are illegal.
Which authority handles cryptocurrency fraud?
What many people don’t know is that cryptocurrency fraud can be prosecuted . According to the relevant authorities, in line with the enactment of the Cryptocurrency Law, the FATA Police is responsible for investigating crimes related to cryptocurrencies. The FATA Police is active in the field of cybercrime, which includes crimes related to blockchain and cryptocurrencies.
What is a Bitcoin miner or device?
Miners are devices that add new blocks to the blockchain chain by solving complex mathematical equations. So cryptocurrencies like Bitcoin are actually the reward for solving these equations. Bitcoin has the highest demand for mining and extraction. As a result, the rules related to Bitcoin mining and the advantages and disadvantages of Bitcoin mining have become very important.
Energy supply rules for cryptocurrency mining machines in Iran
According to the cryptocurrency mining laws in Iran, you must obtain two important licenses to mine: a license to establish a cryptocurrency farm and an operation license. To obtain a license, you must log in to the Bahin Yab website, which is under the Ministry of Information and Communications, and register.
Is buying and selling digital currency mining devices a crime in Iran?
According to Article 2 of the Cryptocurrency Mining Regulations, importing, manufacturing, buying and selling, etc., cryptocurrency mining equipment is permitted, provided that you have obtained a license from the Ministry of Finance. If any natural or legal persons are found to be in possession of cryptocurrency mining equipment that has been obtained illegally, they will be dealt with according to the law.
What is the crime of mining in Iran?
To deal with the violator, the Ministry of Energy can cut off his electricity consumption. Especially if he is using household electricity, given that this is illegal, the punishment of the offender is doubled and he will be subject to a heavy financial fine. Unlicensed mining devices, even if they are inactive, will be confiscated and confiscated. Note that many areas related to digital currencies are not considered crimes, even though specific laws have not been passed regarding them. This is while mining digital currencies without a license is actually considered a crime.
Summary of the article
We have reached the end of this article from Farhad Moghadam Salimi’s Crypto School. We reviewed the laws of cryptocurrency mining in Iran and found out how you can legally mine these currencies in Iran. In general, this is not considered a crime, but you need to keep legal considerations in mind. To follow other news in the field of cryptocurrency, you can follow our website as the best Persian cryptocurrency news site .
Frequently asked questions
1. How does the electricity department identify miners?
The power consumption of these devices is very high, which is why they are identified in the consumption pattern.
2. Is cryptocurrency mining legal in Iran?
If you have obtained the required permits, yes. Otherwise, no, it is considered a crime and is subject to legal prosecution.
