According to the decree published on Venezuela’s official media outlet, Gaceta Oficial, the Venezuelan government has imposed regulations for crypto remittances within the country. As the document noted, the National Superintendency of Crypto Assets and Related Activities (SUNACRIP) will now be in charge of taxation related to the sending and receiving of Cryptocurrencies.
The new legislation will reportedly be implemented both to individuals and legal bodies. According to the new requirements, the state has imposed monthly limits and commissions, payable to SUNACRIP, on Cryptocurrency remittances. In addition, the decree further noted that the maximum fee for a transfer has been set at 15 percent. The new rules also point out that the minimum fee for a transaction in crypto is equal to 0.25 Euros, or approximately USD 0.28. Moreover, the monthly limit for crypto remittances in national state-backed digital currency Petro, at 10 Petro per month, that means USD600. If the monthly amount increases USD600, further transactions will require clearance from SUNACRIP. However, the document stated that the overall limit shouldn’t go beyond USD 3,000 (50 Petro). Albeit, the document doesn’t detail about how the state government will control service used to transact in decentralized cryptocurrencies like Bitcoin.
As reports illustrated that Bitcoin weekly trading volumes in Venezuela have touched a new all-time high amidst massive hyperinflation and an ongoing presidential crisis. Volumes climbed to almost USD7 million per week on p2p platform LocalBitcoins alone in early February. However, Venezuela launched a new lawful framework for cryptocurrencies and related technologies earlier this month. And the decree establishes mandatory licenses for mining entities and crypto exchanges and imposes fines for unlicensed activities.