The Venezuela government has started regulating cryptocurrency remittances. The regulating committee has set a monthly limit and will be collecting commissions of up to 15 percent on the transaction amount. Moreover, new details of its comprehensive registry of crypto service providers have been announced.
Regulating Crypto Remittances
The National Superintendency of Crypto Assets and Related Activities (Sunacrip), the body which regulates all the crypto activities in the country, announced on Friday that the new regulation for remittances using cryptocurrencies has entered into force. The decree of this regulation was published in the country’s Official Gazette No. 41.581.
“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
The monthly limit for sending remittances is equivalent to 10 Petros (PTR), Venezuela’s national currency. The government claims to be a cryptocurrency backed by oil, gold, diamond and other natural resources.
Crypto Service Registry
Following the 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.
According to the decree, Sunacrip is in-charge of Risec. Risec 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.