The Venezuelan government said it has legalized mining of bitcoin (BTC) and altcoins, but added that miners will have to obtain licenses and agree to be supervised by regulators.
According to the news outlet Criptonoticias, the government has issued an official decree that states that all cryptocurrency mining rig manufacturers, cryptocurrency builders, and mining hardware importers will also be subject to inspections.
Citizens who want to mine bitcoins and other crypto assets must apply for a license from the National Superintendency of Crypto Assets and Related Activities (SUNACRIP), which will watch over the nation's miners.
SUNACRIP did not mention how much a license would cost, but added that pricing details will be available through an online application system that is currently under construction.
The regulator added that it would be creating a "comprehensive miners registry", an online database that houses details about individual miners, detailing what kind of mining activities they carry out, regardless of whether they trade, manufacture, import or use crypto equipment. mining.
And the new regulations don't stop there: SUNACRIP has created what it calls the National Pool of Digital Mining, insisting that membership is "mandatory", and non-compliance will be punishable by "sanctions."
SUNACRIP stated that its measures were part of an effort to "reunite all the miners of Venezuela."
Based on data published earlier this year by theUniversity of Cambridge’S Cambridge Center for Alternative Finance, Venezuela is the largest bitcoin miner in Latin America and number 10 in the world's top ten.