Blog

01 Jul

Recent Changes on Cryptocurrency Legislation in Iran, Russia and Malta

By Daniel Zo Malta, Russia, Iran, Blockchain, Mining, Ban Read Comments

The worldwide cryptocurrency and blockchain regulatory framework is undergoing constant changes, backed by big perspective differences, resulting in friendly and anti-crypto laws.

As such, this article will cover 3 recent developments on the crypto regulatory trend, being carried out in Iran, Russia and Malta.

Iranian Crypto Miners Are Threatened with Power Cuts

Not long ago, Iran’s Deputy Energy Minister has shared his opinion on digital currency mining, and states that miners should be charged higher rates for their power usage. At that time, he also mentioned that subsidies should be cut to zero.

Unfortunately, the situation has gotten worse. Based on this, Iran’s state-sponsored power company, Tavanir, has warned cryptocurrency miners that they will be detected and that power cuts will be carried out. The argument behind this threat is that Iran’s power consumption has reportedly increased by 7% on a yearly basis, due to the vast increase in local crypto mining operations. Additionally, a new framework that makes utilizing the national power grid for mining operations has been implemented.


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12 Jun

Russia and Iran Plan to Stop Supporting the Crypto Mining Industry

By Daniel Zo Russia, Iran, Mining, Crypto, Ban Read Comments

Despite the increased popularity of cryptocurrencies, the mining industry is still struggling in several countries. As part of this article, we will cover two recent developments that have taken place in Russia and Iran.

Russia Planning to Introduce Administrative Penalties for Crypto Miners

With this in mind, recent reports indicate that the Russian State Duma is currently debating whether administrative responsibility should be introduced for the local digital currency mining market. According to Anatoly Aksakov, the chairman of the Duma’s Financial Market Committee: “I note that any operations with cryptocurrency that are contrary to the Russian legislation will be considered illegitimate. This means that mining, organizing issuance, circulation, creating exchange points for these tools will be prohibited. Administrative liability in the form of a fine will be incurred for such actions. We believe that cryptocurrencies created on open blockchains such as bitcoins, ethers, and others are illegitimate tools.”


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