{"id":2394,"date":"2021-07-15T13:35:34","date_gmt":"2021-07-15T17:35:34","guid":{"rendered":"https:\/\/venfort.com\/?p=2705"},"modified":"2021-07-15T13:35:34","modified_gmt":"2021-07-15T17:35:34","slug":"legal-framework-for-cryptoassets-venezuela","status":"publish","type":"post","link":"https:\/\/venfort.com\/en\/marco-legal-criptoactivos-venezuela\/","title":{"rendered":"What do you need to know to understand cryptoassets in Venezuela?"},"content":{"rendered":"

Cryptocurrencies are becoming increasingly popular, and Venezuela is not lagging behind in the use of cryptocurrencies. blockchain technology<\/a>. 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.<\/p>\n

The legal framework for cryptocurrencies in Venezuela is starting to be implemented<\/h2>\n

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.<\/p>\n

As reviewed by the law firm Norton Rose Fulbright<\/a>:<\/p>\n

\"...in Official Gazettes No. 6,370 and 6,371 Extraordinary dated April 9, 2018, were published: (a)<\/b> the Constituent Decree on Cryptoassets and the Petro Sovereign Cryptocurrency, issued by the National Constituent Assembly (the \"Cryptoassets Constituent Decree\"), (b)<\/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)<\/b> Decree No. 3,353 of the President of the Republic, whereby the Tesorer\u00eda de Criptoactivos de Venezuela, S.A. (\"Tesorer\u00eda de Criptoactivos\") is created.\"<\/p><\/blockquote>\n

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 Tesorer\u00eda 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.<\/p>\n

Second providence of the cryptoassets administration system in Venezuela<\/h2>\n

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.<\/p>\n

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.<\/p>\n

At the same time, they define the institutions in charge and the registration platforms:<\/p>\n