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Regulation

Venezuela introduces new regulations for cryptocurrency transfers

After the publication of a provisional legal framework for crypto assets earlier this month, the Venezuelan government has now introduced regulations regarding cryptocurrency remittances within Venezuela. The decree was published on Feb. 7 and names the National Superintendency of Crypto Assets and Related Activities (SUNACRIP) as the institution responsible for the taxation of cryptocurrency transfers. The document also sets a monthly transaction limit—an equivalent of 10 petros a month, approximately $600—as well as a transaction fee of at least 0.25 EUR and a maximum of 15 per cent. If authorized by SUNACRIP, transaction limit may be increased to 50 petros.