The Silicon Review ^Asia

The computing sector body of Iran stated that the newly issued crypto mining license will add almost $8.5 billion to the state’s economy. Licensing regime Iran was started few months ago and they are regulating the miners of cryptocurrency actively. An official from the Iranian ICT Guild Organization (IIG) had disclosed that the Ministry of Industries has issued in excess of 1000 Mining and Trade permit for the cryptocurrency. Amir Hossein Saeedi Naeini of IIG had mentioned that the recent licensing of cryptocurrency mining has not yet attracted any foreign investment. While addressing a local media he stated that the crypto mining industry can contribute significantly to the economy but the potential miners moved to other countries because they offered better incentives.

 The industry must operate in such a way that it is not only favorable for the large investors, it must also accommodate all the miners who can operate. The state subsidized electricity attracted many operators and the mining industry also grew. Few popular mining channels in Iran is known to have thousands of active members. Last year the Iranian government legalized the business activity of the cryptocurrency mining and according to the new law the miners must provide detailed information about themselves before starting their operation.