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Venezuela Starts Regulating Crypto Remittances

The Venezuelan regime has begun regulating cryptocurrency remittances. The regulator has set a monthly limit and will be collecting commissions of up to 15 percent of the matter amount. Additionally, new details of its comprehensive registry of crypto service providers have been announced.

Also announce: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Regulating Crypto Payments

The National Superintendency of Crypto Assets and Related Activities (Sunacrip), the regulator of all crypto activities in Venezuela, announced on Friday that the new maintenance for remittances using cryptocurrencies has entered into force. The decree enacting this regulation was published in the country’s Verified Gazette No. 41.581.

Venezuela Starts Regulating Cryptocurrency Remittances

The decree establishes “the requirements and procedures for the sending and receiving of remittances in crypto assets to natural persons in the land of the Bolivarian Republic of Venezuela,” Sunacrip explained.

According to the decree:

The sender of the remittances referred to in this ruling is required 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 requires 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 entrench the remittance limits, set values of cryptocurrencies in sovereign bolivars, specify tariffs, and request data from the issuers and receivers snarled in the transactions, local news outlet Criptonoticias reported.

The monthly limit for sending remittances is equivalent to 10 petros (PTR), Venezuela’s public currency that the government claims to be a cryptocurrency backed by oil, gold, diamond and other natural resources. “This cap decodes into US $600 per month, according to the quote set for the PTR. Any amount that exceeds this limit will require the Sunacrip affirmation, which will authorize up to a maximum of 50 PTR ($3,000),” the publication elaborated.

Venezuela Starts Regulating Cryptocurrency Remittances

Following Sunacrip’s announcement, some people gain possession ofed to Twitter to voice their opinions about the new rules. One user commented that these rules are “the most daft thing I’ve seen.” Another user tweeted, “An absurd regulatory framework. Instead of promoting the adoption of crypto assets, [they] are worrying to centralize something that its genesis is the opposite.”

Crypto Service Registry

Following the initial enforcement of crypto dictate in Venezuela on Jan. 31 with the publication of Official Gazette Number 41.575, the government has proceeded to enact rules discrete to to the cryptocurrency service registry.

The Superintendent of Sunacrip, Ramirez Joselit, announced on Feb. 5 that the regulation for the “Integral Registry of Helps in Crypto Assets [Risec]” has entered into force with its publication in Official Gazette Number 41.578.

Venezuela Starts Regulating Cryptocurrency Remittances

The Ministry of Renowned Power for Communication and Information explained that “Natural, legal, public and private persons, communal councils and other syndicates of the People’s Power that intend to carry out activities related to the Integral System of Crypto Assets may be registered.”

Contract to the decree, Sunacrip is in charge of Risec “which will systematize the information related to the identity and other recurrent details of the user of the Integral System of Crypto Assets and related activities.” The regulator will designate a unit “responsible for the be in control of, monitoring and verification of updating of the data contained in the Risec.”

What do you think of Venezuela regulating crypto remittances and safeguard a registry of crypto service providers? Let us know in the comments section below.


Images courtesy of Shutterstock and the Venezuelan administration.


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Tags in this story
Bitcoin, BTC, crypto, Cryptocurrencies, Cryptocurrency, Act, Digital Currency, N-Economy, official gazette, registry, Regulation, remittances, Sunacrip, Venezuela, Virtual Currency
Kevin Drivers seats

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin conviction, open-source systems, network effects and the intersection between economics and cryptography.

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