Venezuela regularizes Bitcoin mining related activities

In the Bolivarian Republic of Venezuela, a new regulatory chapter on activities related to cryptocurrency mining has been developed, this according to a ruling recently issued by the Supreme Court of Justice, specifically the Political Administrative Chamber of this Venezuelan instance, which informed that all persons and companies wishing to mine Bitcoin must be registered with the Superintendence of Cryptoassets and Related Activities of Venezuela (Sunacrip).

According to the official portals of the Venezuelan Supreme Court of Justice, this ruling responds to a request from Sunacrip regarding an injunction granted by the First National Court, in which it favored a Bitcoin (BTC) mining company and whose equipment was confiscated in 2021.

This legal situation is a clear message to Bitcoin miners that they must register with Sunacrip, considering that the Venezuelan Supreme Court of Justice reaffirms Sunacrip as the sole governing body for cryptocurrency-related activities in Venezuela.

In the press releases of this official entity, it is also stated that those who wish to mine Bitcoins, in addition to being registered in the Integral Registry of Crypto-asset Services, must also comply with the requirements and requirements established in the Integral Registry of Miners.

Failure to comply with the ruling issued by the Venezuelan Supreme Court of Justice will be grounds for seizure of digital mining equipment, as established in the Constituent Decree of the Integral System of Cryptoassets. This situation has already occurred in other countries, so that, probably in Venezuela after this step will come measures such as the collection of tax units for the commercialization of cryptocurrencies as it has been happening in many countries in Europe.

TalCualDigital TSJ ordena que mineros de bitcoin deben inscribirse en la Sunacrip. Link