This year the National Superintendence of Crypto-assets and Related Activities (SUNACRIP) published a new ruling in the Official Gazette 42.110. Said ruling establishes the rules related to the administration and control of crypto-assets and related activities (SUNACRIP). risks related to cryptoasset transactions in Venezuela. The purpose of this provision is to prevent illicit activities resulting from the anonymity of encryption. Thus, Venezuela manages to establish a mechanism to control and prevent risks associated with money laundering and other crimes. Learn more about these mechanisms for the prevention of crimes inherent to the use of cryptocurrencies.
Compliance with standards and methods applied to risk management policies
As El Salvador adopts Bitcoin as legal tender, many other Latin American countries such as Peru, Brazil and Argentina have begun to show interest in the crypto-asset. This has led organizations such as the Financial Action Task Force (FATF) to promote the use of policies to mitigate the risk of corruption and other crimes.
Venezuela also urges subjects related to digital mining to formulate, adopt and implement an Integral Risk Management System. This in order to detect the crimes of money laundering, terrorist financing and financing the proliferation of weapons of mass destruction. In this sense, training is key in data analysis and decision making to consolidate a culture of risk prevention. Thus, this decree establishes the obligations and functions inherent to the system for the analysis, control and detection of suspicious transactions with cryptocurrencies.
FATF and its recommendations for cryptocurrency transactions worldwide
The Financial Action Task Force (FATF) establishes mechanisms such as the so-called "Travel Rule" which dictates that any transaction exceeding 1,000 Euros or Dollars must include the data of those involved. This measure was adopted by the Venezuelan government for the legal framework of cryptoassets in the country to ensure detection and due process when countering illicit activity. It should be noted that the prevention of crimes inherent to the use of cryptocurrencies is an internal and mandatory task. Therefore, legal advice on the legal framework of cryptoassets is essential when carrying out commercial activities with cryptocurrencies.
Likewise, the recommendations for exchange services are to keep track of the transactions made by their users. Otherwise, detection and reporting would not be hindered by lack of information. In this sense, Venezuela has adopted measures and controls that are not very different from those adopted internationally, where many storage services track users' IPs to examine the history of transactions.
New updates associated with the cryptocurrency exchange
Recently, this entity published an update on its policies associated with cryptocurrencies and cryptocurrency-related activities. These guidelines suggest the prohibition of transactions to private wallets so that users can leave assets in exchange houses. It responds to the purpose of analyzing any transaction greater than 1,000 Euros or Dollars to avoid the financing of terrorism or money laundering. Likewise, it is proposed to deny operating licenses to those providers that accept to transfer funds to personal wallets, so that the transactions have the necessary information in case they are traced.
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