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What do you need to know to understand cryptoassets in Venezuela?

Cryptocurrencies are becoming increasingly popular, and Venezuela is not lagging behind in the use of cryptocurrencies. blockchain technology. The Venezuelan government has decreed some rules regarding the regulation of cryptoassets. Thus, creating a legal framework for the transactions of Bitcoins, Dash, Etherium, Petros, and other cryptocurrencies. In this article we will explain everything you need to know to understand the use of cryptoassets in Venezuela.

The legal framework for cryptocurrencies in Venezuela is starting to be implemented

In April 2018 the State begins the conformation of the legal framework of the control mechanisms of cryptocurrencies in Venezuela. Thus creating SUPCACVEN as an institution that supervises, monitors, regulates, controls and sanctions activities related to cryptocurrencies in the country.

As reviewed by the law firm Norton Rose Fulbright:

"...in Official Gazettes No. 6,370 and 6,371 Extraordinary dated April 9, 2018, were published: (a) the Constituent Decree on Cryptoassets and the Petro Sovereign Cryptocurrency, issued by the National Constituent Assembly (the "Cryptoassets Constituent Decree"), (b) Decree No. 3,355 of the President of the Republic, whereby the Superintendence of Crypto-assets of Venezuela and Related Activities ("SUPCACVEN") is created and regulated in detail, and (c) Decree No. 3,353 of the President of the Republic, whereby the Tesorería de Criptoactivos de Venezuela, S.A. ("Tesorería de Criptoactivos") is created."

In this way, the fundamental bases for the control and management of the creation, circulation and exchange of cryptoassets in Venezuela are established. Defining the powers of each control body and establishing the first steps to regulate cryptocurrency mining in the country. SUPCACVEN and the Tesorería de Criptoactivos de Venezuela, S.A. are the first governmental bodies that will be in charge of overseeing the proper functioning of the policies and platforms for the registration of users.

Second providence of the cryptoassets administration system in Venezuela

On September 21, 2020, the Official Gazette No. 41.969 was published, where the Sectorial Vice Presidency of Economy and the previously established SUPCACVEN, now called SUNACRIP, established the ruling that regulates digital mining and associated processes.

These articles apply to any natural person, legal entity, public and private organizations that carry out activities related to digital mining. Whether it is the purchase and sale of cryptocurrencies, import, manufacture, assembly and repair of equipment, among others.

At the same time, they define the institutions in charge and the registration platforms:

  • National Superintendence of Crypto-assets and Related Activities (SUNACRIP): It is the entity in charge of regulating and regulating all activities related to crypto-assets in Venezuela. This institution must support equipment manufacturing and assembly projects, as well as the management of control systems, policies and user registration.
  • Integral Registry of Cryptoassets Services (RISEC): is a web system attached to SUNACRIP in which all users that carry out activities related to cryptocurrencies are registered.
  • Integral Registry of Miners (RIM): is a web application attached to SUNACRIP in which users interested in processing and managing licenses are registered. These licenses are for commercialization, repair, lodging services, among others.

National Digital Mining Pool

Likewise, the "National Digital Mining Pool" is formed, which would be a grouping of miners within the national territory. They agree to share block profits in proportion to the processing contributed. SUNACRIP would be in charge of receiving the transactions, counting the data blocks resolved and sending the corresponding profits to each miner. This type of groups are formed internationally to achieve high levels of processing and solve blockchains more efficiently.

Article 19 of this Gazette states: "The user who engages in digital mining, without being connected to the National Digital Mining Pool, will be subject to the measures, infractions and sanctions, provided in the Constituent Decree on the Integral System of Cryptoassets". So it would be the first legislation to group all cryptocurrency miners of a country in a mining server.

Third ruling on the control of cryptoassets in Venezuela

In the Official Gazette dated April 21, 2021, a new ruling was published which dictates the rules regarding the control of risks related to crypto-asset transactions in Venezuela. This law urges miners to implement a risk management program called SIAR for the prevention of financial crimes and terrorism.

This provision uses some definitions made by the Financial Action Task Force (FATF) so it is understood that it is in line with the international legal and operational implementation against these crimes. SUNACRIP must ensure that its registrants comply with the execution of the risk prevention program to ensure the proper use of crypto-assets. Therefore, the regulated entities must take actions to mitigate and control legal, operational and financial risks.

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