Iran has drafted new rules to increase penalties for illegal cryptocurrency mining in the country.
The new rules include additional fines and imprisonment.
An official with Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) said the country’s administration will approve new rules to increase penalties for unauthorized cryptocurrency mining.
The official, Mohammad Khodadadi Bohlouli said that under the new law, the increased penalties include raising fines by at least three and at most five times, imprisoning the offender, and revoking the offender’s business license.
The Iranian government approved cryptocurrency mining as an industry in 2019.
In January 2020, the Ministry of Industry, Mine, and Trade issued over 1,000 licenses for cryptocurrency mining operations.
However, Iranian authorities said that some unauthorized miners are using household electricity for cryptocurrency mining, resulting in major issues for the country’s electricity industry.