The National Superintendency of Crypto Assets and Related Activities (SUNACRIP) of Venezuela. Under the ruling number 084-2020, published in the Official Gazette No. 41,969 dated September 21, 2020. It officially legalized the mining of Bitcoin and other cryptocurrencies.
This decree regulates everything related to Bitcoin mining in Venezuela. Including, the use, marketing, import and manufacture of Mining Hardware.
In addition, it will control the inventory of parts and pieces of these. Also, the equipment and the conditioning of spaces for storage, among other scopes.
Providence that regulates Bitcoin mining
It establishes the object and the scope of application. Likewise, everything related to licenses for operations, granting and renewal. Also, regarding the digital mining farms, national digital mining pool. And the Comprehensive Registry of Miners (RIM).
Likewise, natural or legal persons, public or private, and community councils are subject to the application of this regulation. Likewise, communes and other forms of organization of Popular Power. Domiciled in the national territory.
Specifically, those that carry out activities inherent to Bitcoin Mining and associated processes.
What should I do?
Those who want to enter Bitcoin mining must apply for a mining license in the entity. They can do it in the Comprehensive Registry of Miners (RIM). Which is a database that facilitates the delivery of documents online.
By the way, among the operating licenses to which they can opt, are:
- Market mining equipment.
- Conditioning of spaces to offer accommodation.
- Manufacture, assemble, repair. And improve mining equipment.
- Offer cloud mining.
Very important, interested users must provide information to the authorities. About what kind of mining activities they carry out.
It should be noted that the new ruling emphasizes the obligation of registered users to keep the documentation and records for a period of ten years. Both physical and digital, which are linked to the mining activities of Bitcoin and other cryptocurrencies.
In accordance with the provisions of article 21 of this ruling, the Superintendency will provide technical and professional support to the Manufacturing and Assembly Projects of Bitcoin Mining equipment. In order to promote the creation of mining centers.
Therefore, the authorities will supervise both the creation and the importation of mining equipment. Similarly, they may operate with the support of the State, but only if they are inspected by SUNACRIP.
Creation of a national mining pool
Without a doubt, mining pools are the concentration of these teams in the same space. Controlled by the same person. To distribute the workload of the machines, which do the mathematical process to mine the cryptocurrencies.
In this document, a mention is made of the creation of a digital mining pool. Which aims to group the miners located within the Venezuelan territory. Like groups outside the country, in order to accumulate high processing power.
It should be noted that among the proposals generated by SUNACRIP, to encourage Venezuelan miners to join the national mining pool, benefits and exonerations are mentioned. But, they did not give details of them.
It should be noted that according to article 19, the miners who are not associated with the national mining pool. Basically, they will be subject to the measures of infractions and sanctions provided in the Constituent Decree on the Integral System of Cryptoassets.
For example, some of the sanctions would be: fines of 100 to 300 Petros or up to three years in prison. You can go deeper by reading the Constituent Decree on the Comprehensive Cryptoactive System.
As a curious fact, the Gazette was published this Monday, September 21. But the signature is dated June 19, 2018. What would happen?
To close the idea, the document did not indicate the costs that miners will have to pay to obtain the license for Bitcoin mining.
However, it highlights that when the page is published to join the RIM. The prices of the procedures will be published.
I say goodbye with this phrase from Leon Luow: “Every informed person needs to know about Bitcoin. Because it could be one of the most important developments in the world”.