The cabinet of Iran is considering a proposal that details about a new license for crypto mining. The law is apparently on its way towards an official approval.

In the proposal, the cryptocurrency miners should submit some particular information. It should include a list of business activities, the predicted value of their investments, current employment status, rental agreements for space itself, the value of their mining equipment and the duration of the mining project. Also, the miners have to renew the license every year. This new license for crypto mining will also allow the country’s government to cut all the illegal crypto activities happening in Iran.

Cryptocurrency mining has grown dramatically in Iran after the government subsidized the electricity for the locals. According to a survey of 1,600 crypto miners in Iran, 35% of the respondents have their income through mining. The rest 70% showed their interest in knowing about the local mining businesses. Many miners are also under the radar and import mining equipment from the black market to escape taxes.

There were a lot of illegal crypto activities happening in the country before the government took any steps. Thus, the Iranian government legalized crypto mining as an industry within its borders. Moreover, last week Iran’s National Tax Administration(INTA) announced that crypto mining in the country will be eligible for tax exemption if the miners repatriate their overseas earnings as per the source.