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Venezuela Implements New Rules on Crypto Mining Activities

Venezuela Implements New Rules on Crypto Mining Activities - CoinQuora

Venezuela, through the National Superintendency of Crypto Assets and Related Activities (SUNACRIP), has introduced new rules to regulate crypto mining activities.

According to Venezuelan publication Gazeta Oficial, community-owned organizations, private companies, and individual persons who engage in digital mining and its associated processes are strictly subjected to comply with the new regulation under the framework of the Comprehensive Registry of Services in Cryptoassets (RISEC).

Individual persons as well as companies who intend to use, manage, import, and commercialize their parts and pieces with digital mining equipment are obliged as they proceed to seek for license via the Comprehensive Registry of Miners (RIM) web application.

Specifically, the RIM web application allows users to select the type of license they wish to obtain. It processes their requests through its platform to issue online payments, keep the history of applicants’ requests, and download the license after it has been approved.

In summary, Venezuelans can now mine cryptocurrencies as well as other digital assets even though they are strictly advised to obtain a license before mining in the country.

What is more, authorities have also launched the National Digital Mining Pool which intends to integrate and incentivize both the international digital mining community and those within the said territory to exercise and become part of the above-mentioned pool.

To identify various connections on the pool’s network by different servers, individual users have been restricted to log in from the pool’s URL on the internet and create an account that will give access to its services everywhere at all times.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.