Venezuela’s Government Legalised Crypto Mining
The Venezuelan National Superintendent of Crypto Assets has issued its first official statement, thus regulating all cryptocurrency mining activities and other related activities. Therefore to qualify and to continue doing such exercises, miners must meet specific requirements.
As per the official statement published in the Gazette Official, signed by Sunacrip Chief Joselit Ramirez, states that all the Venezuelan citizens interested in mining or any other cryptocurrencies involved activities should apply for a license to join the “national pool”.
Sunacrip Statement on National Pool:
“A group of pooled miners agreeing to share block earnings in proportion to the contributed mining hash power. They share a similar operation to cooperatives, and it would be in charge of the National Superintendency of Crypto Assets and Related Activities (SUNACRIP).”
Although those group of people must disclose within the legal framework what kind of activities they wish to do, such as trading, importing, or using mining equipment in crypto mines, the government also issues special licenses to those who either want to manufacture ASIC mining components or is planning to build a mining farm.
Sunacrip could offer benefits, benefits, and tax breaks to encourage minors to join the national pool, the statement said. However, if the Venezuelan crypto miners do not reach the national pool, they will be fined for the integrated crypto property system.
The new rule does not specify whether the government has the legal authority to freeze crypto from mining in the national lake or what restrictions will be imposed on miners outside such a public pool.
According to the regulation, Sunacrip now has the power to set payment limits, determine the value of cryptocurrencies in sovereign bolivars, specify tariffs, and request data from issuers and receivers involved in transactions, local newsletter Cryptotonas reports.
The government says the monthly limit for payments is 10 Petros (Venezuela), the national currency of Venezuela, the equivalent of a cryptocurrency supported by oil, gold, diamonds, and other natural resources. According to the PTR quote, this cap translates to $600 per month. Any amount exceeding this limit will require a Sunakrip license, up to a maximum of 50 PTR ($ 3,000).
Crypto miners will now have to apply for licenses. They will also have to go through a comprehensive registry of services on cryptocurrencies or a program called RISEC, which is subsequently run by Sunacrip.
Since Venezuela is known to have the largest number of employees working under crypto mining firms, and the government was never supporting such activities and will never plan to keep such things in the future.
Venezuelan Minister of Housing and Home Affairs lldemoro Villarroelalso announced that from now on no crypto mining would be allowed in government-owned houses or also in the areas falling under the “Grand Mission Vivianda” (Great Home Mission) program.
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