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The Venezuelan National Superintendency of Crypto and Related Activities, or SUNACRIP, has issued the first decree to officially regulate all cryptocurrency activities. To qualify, miners will need to meet specific requirements.
An official announcement was first published in the Gaceta Oficial and signed by the head of SUNACRIP, Joselit Ramirez. He said that Venezuelan residents who are interested in mining Bitcoin (BTC) and other cryptocurrencies must apply for a license and join the so-called “national pool”.
The legal framework asks people to disclose what kind of business they would like to do in cryptocurrency mining, such as trading, importing or using mining equipment. The government will also issue a special license for those who wish to produce ASIC mining hardware or build mining farms.
Regarding the “national pool”, SUNACRIP defined it as follows:
“A group of pooled miners who agree to share earnings in bulk in proportion to the mining hash power they contribute. They share a similar operation with cooperatives, and would be responsible for the National Superintendency of Crypto Assets and Related Activities (SUNACRIP).” .
The decree also states that SUNACRIP “can” offer benefits, incentives and even “tax exemptions to encourage miners to join the national pool”. However, if Venezuelan crypto miners do not join the national pool, they will be subject to the penalties of the Comprehensive Crypto Assets System.
The new regulation does not clarify whether the government has the legal authority to freeze cryptocurrencies within the national pool or what kind of penalties will be imposed on people mining from that public pool.
Crypto miners should apply for licenses via the Full Registry of Services in Cryptoassets, or RISEC, a system managed by SUNACRIP.
Although Venezuela is known to have a very active cryptocurrency mining population, the government has not always favored such activities.
Venezuelan Minister of Habitat and Housing, Ildemaro Villarroel, recently announced that cryptocurrency mining operations would not be allowed in any state-owned housing or neighborhood that is part of the “Gran Misión Vivienda” (Great Home Mission) project. ).
