Cryptocurrency mining regulations were announced

With the approval of the laws related to cryptocurrency mining in August 2018, it has been more than three years since the mining of this digital asset became legal in the country. In continuation of the legislative process in the field of cryptocurrency, in early September, Minister Sammat announced the re-approval of the cryptocurrency mining resolution and announced that with this resolution, the activities of mining centers of these assets will become official and legal.

Now, the vice president has announced the publication and notification of regulations related to cryptocurrency mining. Reza Fatemi Amin It has been announced that in the resolution that was approved by the government in Shahrivar, the whole issue of cryptocurrencies has been analyzed and some of the rulings that needed the government’s approval have been approved. From this resolution, a regulation has been prepared and communicated to various institutions.

With the issuance of this new decree, which has been approved in 13 articles, the previous decrees (related to August 2019 and October 2019) have been canceled and the new decree has come into effect. According to the government’s new decree, the Ministry of Industry, Mines and Trade is the main custodian of cryptocurrency mining in the country, and other institutions are also obliged to help this ministry in this matter. In this regulation, it is stated that any activity related to cryptocurrency mining, including import, production, sale and repair of equipment, is allowed only by obtaining a license from the Ministry of Security and through legal commercial and customs procedures.

In addition, with the offending importers according to the case according to the customs law approved in 2010, the law on export and import regulations approved in 1372 and the law on combating smuggling of goods and currency approved in 2012 and with the offending producers and sellers according to the case according to the law on reforming the energy consumption pattern approved in 2013 2009, the Law on Combating Goods and Currency Smuggling and the Law on Strengthening and Developing the Standard System approved in 2016 will be dealt with.

Also, in this resolution, it is emphasized that the use of cryptocurrencies in domestic exchanges is not allowed. Another part of this decree also obliges the Ministry of Security to provide the information of the license recipients subject to this article at the disposal of the Ministry of Economic Affairs and Finance. This ministry can also delegate the authority to issue the above-mentioned license to the relevant organizations in the commercial, industrial and special economic zones, as the case may be.

In the third article of this regulation, the Ministry of Safety has been obliged to formulate and announce the guidelines for the establishment and operation of large-scale mining centers within the next three months, with the aim of optimal management of mining centers and helping to reduce illegal mining.

Regarding cryptocurrency mining equipment, the standard organization is obliged to compile and communicate the energy label and quality standards of electrical and technological power of this equipment. If this organization finds the extraction devices to be non-standard, in addition to confiscating the related equipment, the perpetrator will be subject to the punishment prescribed in the Law on Combating Goods and Currency Smuggling. Of course, the issue of production and import of mining equipment will be determined and notified in cooperation with the Ministry of Privacy and Communications.

Among other cases that are subject to punitive laws, is the issue of banning the use of electricity or gas distribution, which are intended for other purposes, for cryptocurrency mining. Provincial, city councils and all executive bodies in this field are obliged to identify and deal with these centers, and if such a violation occurs, the violator will be dealt with according to the law.

Another part of this regulation also points out that the activists in this field must accept the responsibility of the risk of using cryptocurrencies and these people are not subject to the support and guarantee of the government and the banking system. Also, in a part of this resolution, it is emphasized about the location of cryptocurrency mining centers that the establishment of these centers with electricity consumption does not include the limit of 120 km from Tehran city, 50 km from Isfahan city and 30 km from the centers of other provinces.

The issue of energy supply required for these centers is also explained in Article 7 of the aforementioned regulation. Based on the provisions of this section, five methods have been mentioned to supply the energy needed by cryptocurrency mining centers, and the centers are allowed to use one or a combination of them.

In summary, these methods are: construction of renewable power plants or purchase of electricity from newly built renewable power plants, investment in saving energy consumption optimization plans, investment in the construction and operation of a thermal power plant for electricity production with fuel supply from the associated gas (metal), purchase of electricity from the network National by receiving electricity branching (except during the time of electricity and fuel network restrictions) and building a thermal power plant outside the national network, whose fuel tariff is calculated based on the energy tariff formula.

* The full text of this regulation can be found in Here look.

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