In parallel with the legalization of mining, the National Management of Cryptoacivals and the associated activities of Venezuela put forward a number of requirements for all interested.

According to the official decree, for legal production of cryptocurrency in the country, miners should apply for a license and comply with certain requirements in order to qualify. After receiving permission, all individuals and legal entities are obliged to join the national pool, in which income will be distributed proportional to the computational power provided.

When making documents, citizens also need to specify than specifically they plan to deal in this area, such as trade, import or operation of equipment. For manufacturers of offs and organizers, mining farms provides a special license.

The text of the document says that national management of cryptoacivals can provide various benefits and incentives to attract prospectors to the National Pool, and penalties are provided for extraction outside the state cooperative. However, the decree does not specify specific examples of encouraging and punishment, and the government’s powers on the effect on the payment and distribution of revenues of the pool are not described.

Despite the controversial conditions, legalization will allow local residents to resume mining after a two-month break due to

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