Crypto Mining Activities Are Now Regulated By The Venezuelan Government

The Government of Venezuela has always been very much appreciative of cryptocurrencies and has also taken serious steps and measures to promote the same. Venezuela government is so very impressed with the cryptocurrencies that they have already created their very own crypto: Petro. National-Superintendency-of-Crypto-Assets-and-Related-Activities(“SUNACRIP”) has issued a degree, or it can say the very first degree on cryptocurrency. This decree is issued to regulate all the crypto mining activities in Venezuela.

The rise of the involvement of minors in the crypto world has led to severe criminal issues, and that is why the Venezuela government has done the necessary task and put up a decree that will regulate the activities of minors in cryptocurrency mining. They basically will have to meet with certain specifications to operate. This particular statement was handed out from the officials of SUNACRIP. The statement was signed by Joselit Ramirez, the head of SUNACRIP. The new decree also made its place in Gaceta Oficial.

What are the essential regulation points?

As already mentioned, due to increasing crimes and involvements of minors, Venezuela has taken a significant step by deciding to make a register that will keep track records of the citizens engaging in crypto activities. The decree consists of the order that any citizen of Venezuela will have to register to the “national Pool” which is the register itself. Anyone who has an interest or existing bitcoin miners will have to register to the so-called national register.

This register is essential because it will keep the record of the activities of the citizen involved in crypto. They will have to mention the type of activities they will be doing using cryptocurrency like trading or using mining equipment or anything else that concerns the Venezuela government. The Govt says that they will issue a license for the citizens concerned.

The issued decree also states that SUNACRIP “may” propose benefits and special privileges for the crypto miners for motivation and better performance by joining the national pool. The benefits will be served to the citizens joining the pool. Comprehensive crypto Assets System Sanctions will come to play its role if the miner denies joining the national pool. 

There are some very areas in the decree as well

  1. It does not state whether the Venezuela government has total or partial authority to freeze the mined crypto of its not counted under the national pool.
  2. It doesn’t state the situation one has to face if they don’t register to any such national pool.

Last Note

The registration for this national pool can be done from SUNACRIP or RISEC if one wishes to explore cryptocurrency. Due to many instances of illegal activities, although Venezuela is a hub for crypto miners, the Government is always skeptical about its authenticity and safety, and hence these stringent decrees.

Remember, if you are living in a state-owned house or if your Mining area is in the great home mission neighborhood area, you can’t be doing mining activities, as stated by Venezuela “Minister of Habitat and Housing”, Ildemaro Villarroel.

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