Venezuela Introduces Regulations For Crypto Remittances, Including Fees And Limits

by | Feb 12, 2019 | Uncategorized

Venezuela |Crypto Remittances |Fees |Limits | Cryptocurrency regulations

The Venezuelan government introduces a new decree that sets regulations for crypto remittances within the country, as reported the country’s official media outlet, Gaceta Oficial.

According to the published documents on Feb. 7, from now, the National Superintendency of Crypto Assets and Related Activities (SUNACRIP) will be the in charge of taxation related to the sending and receiving of cryptocurrencies. Reportedly, the new decree is applicable for both to individuals and legal entities.

The new requirements entails the state setting out monthly limits and commissions over the cryptocurrency remittances, that will be payable to SUNACRIP.  The maximum fee for a transfer has been set at 15 percent and the minimum fee for a transaction in crypto is equivalent to 0.25 euros, or approximately $0.28.

The decree sets a monthly limit for crypto remittances in national state-backed digital currency Petro, at 10 Petro per month. As per the price information on CryptoCompare, the sum in Petro comes up to be approximately $600. If the monthly amount exceeds $600, an approval from SUNACRIP will be required for any further transactions.

The regulator also notes that the overall limit must not surpass 50 Petro, or about $3,000. While the document does not elaborate on the government’s method to control services used to transact in decentralized cryptocurrencies, such as Bitcoin (BTC), except that it will use a “technological platform” to proceed with taxation.

Earlier this month, the weekly trading volumes of Bitcoin in Venezuela achieved a new all-time high as the massive hyperinflation and the presidential crisis continues in the country. On p2p platform LocalBitcoins alone, the volumes rose to almost $7 million per week in early February.

Moreover, as per Cointelegraph en Español, both Venezuela and Colombia account for 85 percent of trading volumes on the p2p exchange in Latin America.

Just recently, Venezuela also introduced a new legal framework for cryptocurrencies and related technologies. The decree establishes obligatory licenses for mining entities and crypto exchanges and introduces fines for unlicensed activities.

Read more: Bitfury Collaborates To Build Blockchain-Based Medical Imaging Platform

 

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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