Venezuela’s National Superintendency for cryptocurrency Assets & Related Activities, also referred as SUNACRIP, has issued the primary decree to officially regulate all cryptocurrency mining activities. So as to qualify, miners will require to meet some specific requirements.
In line with a recent official report by the Gaceta Oficial and signed by the head of the SUNACRIP, Joselit Ramirez, the residents in Venezuela who have an interest in mining Bitcoin [BTC] along with other cryptocurrencies must request a license and join the so-called “national pool.”
The regulatory framework asks users to disclose what kinds of activities they might wish to proceed with cryptocurrency mining, like trading, importing, or using mining equipment. The govt will also issue a special license for those who desire to manufacture ASIC mining hardware or build mining farms.
About the “national pool,” the SUNACRIP defined it as:
“A group of pooled miners agreeing to share block earnings in proportion to the contributed mining hash power. They share an identical operation to cooperatives, and it might be responsible of the National Superintendency of Cryptocurrency Assets & Related Activities [SUNACRIP].”
The decree also reveals that the SUNACRIP “might” offer benefits, incentives, & even “tax exemptions to encourage miners to hitch the national pool.” However, if Venezuelan cryptocurrency miners don’t join the national pool, they’ll be subject to the Comprehensive Crypto Assets System’s sanctions.
The new regulation doesn’t clarify if the govt has the legal authority to freeze cryptocurrency mined within the national pool, or what sort of sanctions are going to be imposed on people that mine outside such a public pool.
Cryptocurrency miners should apply for the licenses via the Comprehensive Registry of Services in Cryptoassets, or RISEC, a system managed by the SUNACRIP.