The Venezuelan government has announced a new regulatory plan for crypto mining in the country, which will legalize it while placing it under government control.
Venezuela has often adopted a hostile stance towards cryptocurrency mining, going so far as to confiscate equipment.
The decree, announced by SUNACRIP, the national crypto-asset regulator, requires all miners in Venezuela to join a „National Digital Mining Pool.“
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After years of regulatory hostility in Venezuela , Bitcoin mining is now a legal and regulated activity there.
This is provided for in a new decree of the National Superintendence of Crypto Assets and Related Activities of Venezuela (SUNACRIP), which places all activities related to cryptocurrency mining under its regulatory jurisdiction.
According to the new regulations, Venezuelan miners will work under license from SUNACRIP. Likewise, they will be required to join a “National Digital Mining Pool” under the supervision of this body. The new regulations also create a legal basis for the import, sale, production and use of crypto equipment for mining in Venezuela for the first time.
Venezuela issues new regulations for cryptocurrency mining and a controversial national digital mining pool has been created.
Venezuela’s new crypto mining regulations
The decree was published on September 21 in the official gazette of Venezuela and signed by the superintendent of SUNACRIP, Joselit Ramirez. It prescribes a registration and regulatory process for Venezuelan residents who wish to manufacture integrated circuit mining equipment in the country for specific applications, or to manage mining operations.
To this end, the decree establishes a comprehensive miners register that will contain information on all cryptocurrency miners in Venezuela. The information to be entered includes the type of mining activity in which they are involved and the type of equipment with which they are working. The regulation also establishes SUNACRIP as the sole regulator of the entire cryptocurrency industry in the country.
In addition, it creates a national digital mining pool to which all miners in Venezuelan territory must join to avoid being unregulated. According to the decree, all miners in the country who do not join the pool will face “measures, offenses and penalties, set out in the constituting decree on the complete system of crypto assets”.