Venezuela Introduces New Crypto Legal Framework


Venezuela has recently issued out some new rules for crypto service providers in its nation, these include exchange platforms and miners.

The Ministry of Popular Power for Communication and Information (MIPPCI) released an official gazette during the previous week that explained the “constituent Decree on the Integral System of Crypto Assets.” The publication kick-started the new regulations in place, leading to businesses that are working with cryptocurrencies must now register with Sunacrip, the country’s superintendency of crypto-related activities.

Sunacrip will now be the one to handle the registration requirements and processes, according to inform affected businesses. Those who do not register will be facing some harsh penalties, by paying up to 100-300 Petros coins, the national cryptocurrency of Venezuela.

Due to this recently passed decree, regulators have now become the highest form of crypto authority for Venezuela, with powers ranging from daily oversight to administrative level execution of plans and programs.

The decree also contains a list made up of 63 articles, each one covering various definitions of crypto terms, Sunacrip’s remit, business registration, and audit requirements, penalties for non-compliance or criminal behavior and much more.

Our Thoughts

Venezuela continues to face some seriously harsh economic and political crises.  With Juan Guaido proclaiming himself to be the true president fo the country, and having the backing of many local and international leaders, agreed with experts who previously discussed the nations cryptocurrency, Petro, to be nothing but a “smokescreen” to cover up hyperinflation.

It’s currently unknown how well these newly implemented laws will be accepted by the local crypto businesses of Venezuela. One of the main charming points for cryptocurrency is its decentralization and being free of the usual traditional fiat means of banking and regulations. By placing the restriction on it with this recent legal framework, who’s to say this will lead to anything thing good.

What are your thoughts on this newly passed rules?

Let us know your thoughts.


Like it? Share with your friends!

Keith Wang

Keith Wang is a writer and programmer specializing in bitcoin and blockchain technology. Keith has been a long time believer of bitcoin and blockchain technology and spends his free time following up with blockchain news. You can contact Keith at keith@cryptomenow.com

You may also like