The Venezuelan government has started to regulate remittances by cryptocurrency. The regulator put a mlimit and collect commissions up to 15% of the transaction amount. In addition, new details regarding its full registry of cryptographic service providers have been announced.

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Regulate cryptographic remittances

The National Superintendency of Cryptographic Holdings and Related Activities (Sunacrip), the regulator of all cryptographic activities in Venezuela, announced Friday the entry into force of the new regulations on remittances to Venezuela. Cryptocurrency help. The decree enacting this regulation was published in the country's Official Gazette No. 41.581.

Venezuela begins to regulate remittances in the form of cryptocurrency

The decree defines "the requirements and procedures for sending and receiving remittances in the form of crypto-assets to natural persons in the territory of the Bolivarian Republic of Venezuela", explained Sunacrip.

According to the decree:

The sender of the remittances referred to in this decision is required to pay a financial commission to Sunacrip up to a maximum of 15% calculated on the total remittances.

The minimum commission that Sunacrip receives is "equivalent to 0.25 euro [~$0.28] by transaction ", reads in the newspaper.

According to the text of the regulation, Sunacrip now has the power to set the discount limits, to define the values ​​of crypto-currencies expressed in sovereign bolivars, to specify the tariffs and to request data from the transmitters and receivers concerned by the transactions, at the local press point Criptonoticias reported.

The monthly remittance limit is equivalent to 10 petros (PTR), Venezuela's national currency, which the government claims to be a cryptocurrency backed by oil, gold, diamonds and other natural resources. "That cap is $ 600 a month, according to the estimate for the PTR. Any amount in excess of this limit will require the approval of Sunacrip, which will allow up to 50 PTRs ($ 3,000), "the publication said.

Venezuela begins to regulate remittances in the form of cryptocurrency

Following the announcement of Sunacrip, some people have used Twitter to express their views on the new rules. One user stated that these rules are "the most absurd thing I've seen". Another user tweeted "An absurd regulatory framework. Instead of promoting the adoption of cryptographic assets, [they] let's try to centralize something whose genesis is the opposite. "

Cryptographic service registry

Following the initial application In Venezuela, on 31 January, with the publication of Official Gazette No. 41.575, the government promulgated specific rules for the cryptocurrency registry.

On February 5, Sunacrip's superintendent, Ramirez Joselit, announced that the regulation on "Integral Registry of Services in Cryptographic Assets [Risec]"Has entered into force with its publication in the Official Gazette No. 41.578.

Venezuela begins to regulate remittances in the form of cryptocurrency

The Ministry of People's Power for Communication and Information explained that "natural, legal, public and private persons, communal councils and other organizations of people's power that intend to carry out activities related to the integral system of cryptographic assets may be registered ".

According to the decree, Sunacrip is responsible for Risec "which will systematize information relating to the identity and other recurring data of the user of the integrated system of cryptographic assets and related activities". The regulatory body will designate a unit "responsible for the control, monitoring and verification of the update of the data contained in the Risec. "

What do you think about Venezuela that regulates cryptographic remittances and keeps a registry of cryptographic service providers? Let us know in the comments section below.


Images provided by Shutterstock and the Venezuelan government.


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Tags in this story

Bitcoin, BTC, crypto, Crypto-currencies, Cryptocurrency, Decree, Digital currency, N-economy, Official Gazette, recording, settlement, remittances, Sunacrip, Venezuela, Virtual currency

Kevin Helms

A student in Austrian economics, Kevin discovered Bitcoin in 2011 and has always been an evangelist. His interests include Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.