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Venezuela Legalizes Crypto Mining but Will Force Industry Into National Pool
The Venezuelan agency responsible for regulating cryptos has legalized the mining industry, but in the process mandated it be centralized under government control.
Updated Sep 14, 2021, 9:59 a.m. Published Sep 23, 2020, 1:30 p.m.
Venezuela's government has given cryptocurrency miners mixed news this week.
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- Firstly, the government department responsible for regulating cryptos has legalized the mining industry, local industry news site CriptoNoticias reported Tuesday.
- The new decree was published in the Official Gazette on Monday and authorized by by Joselit Ramirez, head of National Superintendency of Crypto Assets and Related Activities (SUNACRIP).
- It states that any local entity wishing to mine cryptos must apply for a license and be listed on a government register.
- Applicants will need to hand over information to the authorities on the nature of their mining activities and keep their mining-related records for 10 years.
- Manufacturers of mining equipment or mining data centers will be able to apply for a special license, according to the report.
- The importing and manufacturing of mining equipment will be supervised by Venezuelan authorities.
- Unusually, all mining activities must be carried out through an official National Digital Mining Pool, with those who operate outside it to face penalties.
- Centralizing mining in this way will mean the government is able to control any income earned from the pool's combined mining rewards, as well as paying out to contributors.
- Thus the government could potentially freeze or delay miners' payments or levy any taxes before payments have been made, says CriptoNoticias.
- Venezuela's economy has been suffering from economic mismanagement and international sanctions led by the U.S.
- Its president, Nicolas Maduro, has previously launched a purportedly oil-pegged crypto token called the petro in an attempt to bring in much-needed foreign currency.
- The U.S. Department of Justice alleged earlier this year that Maduro had used cryptocurrency to conceal transactions related to illicit drug-running, though it did not specify if the petro was involved.
- SUNACRIP's Ramirez is also wanted by the U.S government on charges of corruption and links to the narcotics trade.
Also read: Venezuela’s Maduro Mandates Petro Use in Funding of Housing Project
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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U.S. Senate's Crypto Market Structure Bill Gets Messy as Calendar Weighs Down
The White House has shut down proposals, and lawmakers are circulating the Democrats' asks in what had been a close negotiation, revealing 11th-hour pressure.
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- Democrats shared a response to Republicans outlining their continuing priorities for a crypto market structure bill, which they said was intended to "reach an agreement and proceed towards a mark-up."
- The document laid out concerns with financial stability, market integrity and public officials' ability to trade and profit off of crypto, echoing concerns laid out in a framework Democrats shared in September.
- The Senate is running out of time in the Congressional calendar to hold a markup hearing — a key step toward progressing the bill — before 2025 ends.
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