Venezuela has started regulating cryptocurrency remittances. From now on a certain limit of remittances can be received in terms of cryptocurrency on a monthly basis by a Venezuelan citizen. In fact, the Venezuelan government has also decided to collect up to 15% commission on the amount of transaction. Additionally, a comprehensive registry of cryptocurrency service providers has also been announced.
Venezuela Crypto Regulator Issues Cryptocurrency Remittance Regulations
The Venezuelan cryptocurrency regulator, The National Superintendency of Crypto Assets and Related Activities (Sunacrip), has announced new regulations regarding remittances made in terms of cryptocurrencies. In the Official Gazette No. 41.581, enactment of this regulation has been published.
The regulating agency has said:
“The requirements and procedures for the sending and receiving of remittances in crypto assets to natural persons in the territory of the Bolivarian Republic of Venezuela”
The decree says:
“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 decree also mentions that the minimum commission charged by Sunacrip is “equivalent to 0.25 euros [~$0.28] per transaction”
What are the Powers Bestowed upon the Venezuelan Crypto Regulator Sunacrip
Sunacrip (the cryptocurrency regulator of Venezuela) now has the following powers as per the new regulations:
- Establishing limits on remittances
- Setting values of cryptos in terms of sovereign national currency Bolivars
- Specifying tariffs
- Requesting data from both issuers and receivers of cryptocurrency transactions
What are the New Venezuelan Cryptocurrency Regulations Regarding Remittances?
Some of the most important new regulations implemented by Venezuela regarding cryptocurrency remittances are:
The monthly cryptocurrency remmitance limit has been set to 10 Petros (PTR). The publication elaborated by saying:
“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).”
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