Crypto mining is now fully legal in Venezuela

The Venezuelan government has now recognized digital currency mining as a legal activity, and have established a community for the country cryptocurrency miners. Interested persons can now choose to set up a mining farm, or grow their existing mining business without interruptions, provided they are operating with a mandatory license.

Venezuela gov’t welcomes crypto mining

The development follows a recent decree passed by the country’s National Superintendency of Crypto Assets and Related Activities (SUNACRIP). The new regulation, which became effective this week, covers all crypto mining-related activities including the importation, usage, commercialization, or creation of mining equipment anywhere in the country. The law has already been published in the Official Gazette of the Republic.

As was signed by SUNACRIP superintendent, Joselit Ramirez, individuals and companies interesting in crypto mining must first obtain a license from the Comprehensive Registry of Miners (RIM), a new body which was set-up to facilitate the process of the license. Interested miners will have to disclose exactly what mining activity they intend to do. It be could be the importation of mining machines, marketing, or the use of mining equipment.

For those looking to develop crypto mining equipment like ASIC or establish mining facilities in the country, they will need to obtain a special kind of license. The legally-recognized miners will have to keep a record of their activities for ten years.

A national pool for Venezuelan Bitcoin miners 

Besides crypto miners’ licensing, the SUNACRIP disclosed an establishment of a National Digital Mining Pool, aimed at bringing the Bitcoin miners in the country together. Basically, those miners using ASIC machines for Bitcoin mining are mandated to connect to the said pool, that is if they still want mine legally in the country.

The Bitcoin pool will be centralized, given that a group of individuals or even the government will be placed in charge of distributing the workload to the connected miners. The fact that this system will be centralized exposes Bitcoin miners to certain things. For instance, their funds or rewards may be frozen at some point, including payment delays. 

Meanwhile, miners will be subjected “to the measures: infractions and sanctions,” if they fail to connect to the pool.

About the author