Venezuela Legalizes Crypto Mining. Miners Must Join ‘National Pool’

The government of Venezuela has legalized cryptocurrency mining with the caveat that all local miners have to obtain licenses from the government and to be supervised by regulators. There have also been legalized available for mining data centers and mining equipment.

Bitcoin and altcoin mining was legalized according to the decree of the head of National Superintendency of Crypto Assets and Related Activities (UNACRIP), Joselit Ramirez. 

Miners will be licensed and policed by the National Superintendency of Cryptoassets and Related Activities (SUNACRIP). The regulator will be creating an online database that hosts details about individual miners, detailing what kind of mining activities they carry out. The regulator will also oversee the import of mining equipment. 

The centralization of mining power means that the government can determine miners’ income from the pool and pay out the contributions. This would also allow to cut off income from the mining pool altogether or charge taxes before payment has been made.