While each nation across the globe is working towards setting up their rules and regulations on Cryptocurrency, very few have their regulations completed. In the same line, Venezuela is also working towards the completion of their own cryptocurrency regulations. In a recent statement, they have imposed a new regulation that requires crypto miners and crypto exchanges to register for operations in the country.
Issued by the Ministry of Popular Power for Communication and Information (MIPPCI) in Venezuela last week, the official regulatory framework was made live that illustrated that the businesses working with cryptocurrency at all need to get registered with Sunacrip. Sunacrip is responsible for crypto-related activities in the region and will now be in charge of the registration requirements and the essential procedures. It will also be accountable for the auditing and assessment of crypto companies. So, anyone who does not register their businesses for operation will have a charge of anywhere from 100 to 300 Petros assessed to them. However, with this process, Venezuela officially makes the regulator of the highest crypto authority in the country. Their powers encompass major issues including the invocation of certain plans and rule and cover all the way down to the daily omission of the industry.
Currently, there are 63 articles in the decree that provides details about the definitions of a range of terms, the business registration requirements, penalties, and other information. If the platforms do not meet the terms with the local laws, their registration and licensing may be at risk of revocation. Additionally, the non-compliant firms could be jailed for up to 3 years and fined up to 100 Petros. With its regulations, Venezuela has become one of the only countries to determine to introduce a national crypto asset that is governed by local authorities.