Venezuela Regulates Cryptocurrency Mining Activities

Venezuela’s National Superintendency of Crypto Assets and Related Activities (SUNACRIP), has recently issued the first ruling to officially legalize digital asset mining activities across the nation. Miners will need to meet precise requirements, in order to be eligible.

An official statement was first published in the Gaceta Oficial and signed by Joselit Ramirez, the head of the SUNACRIP. It stated that inhabitants in Venezuela who are involved in mining Bitcoin and other virtual currencies must apply for a license and join the so-called “national pool.”

Throwing more light on the “national pool,” the SUNACRIP mentioned:

“A group of pooled miners agreeing to share block earnings in proportion to the contributed mining hash power. They share a similar operation to cooperatives, and it would be in charge of the National Superintendency of Crypto Assets and Related Activities (SUNACRIP).”

Furthermore, the latest regulation doesn’t elucidate if the government has the legal authority to restrict digital assets mined within the national pool. Also, it doesn’t clarify about the sanctions which might be imposed on individuals who mine outside the public pool.