Venezuela Starts Regulating Cryptocurrency Remittances

Regulating Crypto Remittances
The National Superintendency of Crypto Assets and Related Activities (Sunacrip), the regulator of all crypto activities in Venezuela, announced on Friday that the new regulation for remittances using cryptocurrencies has entered into force. The decree enacting this regulation was published in the country’s Official Gazette No. 41.581.
The sender of the remittances referred to in this ruling is obliged to pay a financial commission in favor of Sunacrip up to a maximum amount of 15% calculated on the total of the remittance.The minimum commission Sunacrip charges is “equivalent to 0.25 euros [~$0.28] per transaction,” the gazette reads. According to the text of the regulation, Sunacrip now has the power to establish the remittance limits, set values of cryptocurrencies in sovereign bolivars, specify tariffs, and request data from the issuers and receivers involved in the transactions, local news outlet Criptonoticias reported. The monthly limit for sending remittances is equivalent to 10 petros (PTR), Venezuela’s national currency that the government claims to be a cryptocurrency backed by oil, gold, diamond and other natural resources. “This cap translates into US $600 per month, according to the quote set for the PTR. Any amount that exceeds this limit will require the Sunacrip endorsement, which will authorize up to a maximum of 50 PTR ($3,000),” the publication elaborated.

Crypto Service Registry
Following the initial enforcement of crypto regulation in Venezuela on Jan. 31 with the publication of Official Gazette Number 41.575, the government has proceeded to enact rules specific to the cryptocurrency service registry. The Superintendent of Sunacrip, Ramirez Joselit, announced on Feb. 5 that the regulation for the “Integral Registry of Services in Crypto Assets [Risec]” has entered into force with its publication in Official Gazette Number 41.578.
Images courtesy of Shutterstock and the Venezuelan government.
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