Categories: Bitcoin Business

Venezuela Starts Regulating Cryptocurrency Remittances

Click here to view original web page at news.bitcoin.com

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

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

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 decree establishes “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,” Sunacrip explained.

According to the decree:

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.

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

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.

The Ministry of Popular Power for Communication and Information explained that “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.”

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

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

Images courtesy of Shutterstock and the Venezuelan government.

Need to calculate your bitcoin holdings? Check our tools section.

US Lawyers: Crypto Regulations Are 'Tough Waters to Navigate'
Report: Indian Government Concerned Cryptocurrencies Could Undermine the Rupee
PR: Bitcoin.com Partners With CryptoTag to Bring Space Grade Security to the Bitcoin.com Store
PR: Coinseed Announces Its SEC Filed Crowdfunding Campaign
cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Terrorists are turning to Bitcoin for funding, and they’re learning fast

Representational image of Bitcoin. (File: Bloomberg) By Nathaniel Popper Hamas, the militant Palestinian group, has been designated a terrorist organization… Read More

2 hours ago

Latest Faketoshi says he conveniently ‘lost the hard drive’ containing billions in Bitcoin

Just yesterday we told you how there was a new Faketoshi in town, staking a questionable claim to the Bitcoin… Read More

2 hours ago

Study Suggests Scarcity Could Drive Bitcoin Prices to $60,000 by May 2020

Share Tweet Send Share Bitcoin price predictions have been coming thick and fast in recent months as the world’s top… Read More

2 hours ago

“Bitcoin will never hit 50k” says crypto skeptic Peter Schiff

For a man that wants nothing to do with Bitcoin , economist and Euro Pacific Capital CEO Peter Schiff never… Read More

2 hours ago

Casa Releases Node Monitor Service to Improve Bitcoin Network Health

Casa, a crypto firm that provides a private key management service and Bitcoin node machine, has unveiled a node monitor… Read More

2 hours ago

ETC/ETH Technical Analysis: Ethereum Classic breaks higher

Ethereum Classic vs Ethereum: Classic is making a comeback today An important price level has been broken 0.037673 looks to… Read More

2 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More