Venezuela: New Crypto Legal Framework Comes Into Force

Venezuela releases new rules on crypto assets, which include obligatory registration for all crypto exchanges and miners.

Venezuela’s new crypto bill, which establishes а legal framework for the industry, officially came into force on Jan. 31. The decree was published in the government’s official media outlet, Gaceta Oficial.

The set of rules for miners, crypto entrepreneurs and regular traders was initially approved by Constituent National Assembly — an alternative to the country’s Parliament, created in 2017 — in November, 2018.

The document titled “Constituent Decree on the Integral System of Crypto Assets” contains 63 articles. It gives short definitions of key crypto terms, such as crypto assets, blockchain, mining, cryptography, etc. It introduces the concept of a sovereign crypto asset — any currency issued in Venezuela and authorized by the government.

The decree also establishes obligatory…

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2019-02-04 13:41:00

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Written by Cointelegraph

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