Venezuelan Government Releases Circular Stating They Will Start “Regulating Crypto Remittances”

According to an all-new decree released by the Venezuelan government recently, the nation’s financial regulator has started overseeing “cryptocurrency remittances” within its borders.

To be more specific, we can see that the regulator has defined a “fixed monthly limit on individual crypto transactions” for interested users. Not only that, but the governing body will also be taking up to 15 percent of each transfer as commission.

More On The Matter

As per an all-new statement released by the National Superintendency of Crypto Assets and Related Activities (Sunacrip) (Venezuela’s primary regulatory body), all of the aforementioned regulations in regards to crypto-based remittances have already come into effect.

For those of our readers who may be interested, the associated decree enacting this regulation was published in the country’s Official Gazette No. 41.581.

In regards to the matter, a spokesperson for Sunacrip was recently quoted as saying:

“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,”

Additionally, the decree also goes on to state:

“ 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,”

Other Key Points of Emphasis

  • According to the decree, Sunacrip will now possess the power to create remittance limits as well as set values for cryptocurrencies in sovereign Bolivars.
  • Sunacrip will also have the ability to establish tariff fees and request data from the transactors (as and when required).
  • The monthly limit for sending remittances has been set at a fixed rate of 10 Petros (PTR).
  • In certain special cases (i.e. where Sunacrip’s official endorsement has been procured), users will be able to sanction a monetary transaction worth 50 PTR ($3,000).

The Public Voices its Opinion On The Matter

As soon as Sunacrip made it’s the latest announcement, a whole host of people took to Twitter to express their opinions in regards to the new rules and regulations.

For example, one Twitterati was quoted as saying that the new framework was not only absurd but also “outright illegal”. Similarly, another user stated:

“Instead of promoting the adoption of crypto assets, [they] are trying to centralize something which by its very nature in against this principle.”

Lastly, Ramirez Joselit, the head of Sunacrip, released a statement a week back stating that all of the above-stated regulations in relation to the “Integral Registry of Services in Crypto Assets [Risec]” have come into effect via Official Gazette Number 41.578.

Final Take

In closing out this article, it should be mentioned that the Venezuelan Ministry of Popular Power for Communication and Information recently posted a circular on its official website which read:

“Natural, legal, public and private persons, communal councils and other organizations of the People’s Power that intend to carry out activities related to the Integral System of Crypto Assets may be registered.”

Publication date: 
02/11/2019 - 18:26
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