Venezuela Issues Decree to Regulate Crypto Mining
Main page News, Mining, Venezuela

Venezuela's National Superintendency of Crypto Assets and Related Activities (SUNACRIP) has just issued a decree to officially regulate all crypto-related activities in the country.

As a result, all miners interested in mining cryptos in Venezuela must comply with several requirements.

Per the decree, which has been published in the country's official gazette and has been signed by the SUNACRIP director Joselit Ramirez, Venezuelans interested in mining Bitcoin or other cryptos in the country must first apply for a license and join the so-called "national pool." According to SUNACRIP, the pool is:

"A group of joint miners who agree to share the profits of the block in proportion to the contributed mining hash power. They work in a similar way to cooperatives, and it depends on the National Superintendency of Crypto Assets and Related Activities (SUNACRIP)."

To receive the corresponding license, miners must provide information on the type of activity they plan to carry out, such as trading, importing or using mining equipment.

It is worth mentioning that the country's government also intends to issue special licenses for people interested in manufacturing ASIC devices or building mining farms.

The new regulations do not specify the sanctions miners who do not carry out their activities legally may face.

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