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Iran to Regulate Crypto Mining Industry via Licenses

A draft proposal for an Iran crypto mining license is being reviewed by the central bank.

Cryptocurrency mining has proliferated in Iran over the last two years due to state-subsidized electricity. Essentially, electricity is one of the most important factors in determining whether a cryptocurrency mining operation is profitable, and in Iran, electricity is cheaper than in most other places in the world.

In July, the Central Bank of Iran recognized the burgeoning cryptocurrency mining industry and promised to legalize it and regulate it. Essentially, miners will have to get their license renewed every year, and will have to disclose all of the details about the mining operation. At this time, it is undisclosed as to how much the license will cost.

This is perhaps good news for cryptocurrency miners in Iran, since the government is taking the route of regulating it instead of making it illegal. However, it is expected that there will still be numerous underground mining operations even after the license is available, since some people will prefer to stay anonymous and not pay taxes. It remains to be seen how the state will enforce the new regulations for an Iran crypto mining license.

 

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Popular Crypto Exchange Bittrex Denied Operating License in New York

Popular Crypto Exchange Bittrex Denied Operating License in New York

The popular cryptocurrency exchange Bittrex was today denied its application to operate in the state of New York.

The New York Department of Financial Services (NYDFS) rejected the BitLicense application from the exchange on the grounds of failure to adequately comply with a number of policies. In a letter written by NYDFS and addressed to the CEO of Bittrex, Bill Shihara, it is explained that the exchange failed to comply with the state’s anti-money laundering, know your customer and Office of Foreign Assets Control (OFAC) standards.

Bittrex first applied for the license back in August 2015 and has been operating in the state under a “safe harbor” since then, granted by NYDFS. Now, Bittrex has been given until tomorrow to cease all operations within the state of New York, as well as two weeks to formally confirm this closure via a written statement.

NYDFS claim they have issued the exchange multiple warnings regarding its ”continued deficiencies” in compliance, also telling the exchange it needed to develop ”appropriate controls and compliance programs” in line with the ”evolving nature of the sector”.

 

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