Venezuela Announces Set of Regulations for Cryptocurrencies and Blockchain Tech

Venezuela seems to be eager to become a country where the activities related to the use of cryptocurrencies and blockchain technologies are fully regulated and to that end, it announced a few hours ago the promulgation of a “CONSTITUENT DECREE ON THE INTEGRAL SYSTEM OF CRYPTOASSETS“.

In accordance with this Law, virtually all activities related to cryptocurrency, including mining, custody, trading, exchange platforms, issuance, and sale of this type of digital assets, are considered part of this integral system.

Under the new law, a national agency (SUNACRIP) is created with regulatory powers in all matters related to crypto and digital assets. Likewise, SUNACRIP will have 4 Intendencies:

  1. The Intendancy of digital mining and similar processes.
  2. The Intendancy of promotion and development of digital assets and related activities.
  3. The Intendancy of crypto-financial services.
  4. The Intendancy of audits.

Venezuela is among the first countries to promote the use of cryptocurrencies as…

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2019-02-02 19:22:14

Jose Antonio Lanz

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