Crypto transactions become subject to commission in Venezuela

Posted 11 February, 2019

Venezuela's crypto regulator Sunacrip has reportedly revised the crypto transfers requirements for individuals within the country. The new rules cover up to 15% commission depending on the amount of sent money. 

The National Superintendency of Crypto Assets and Related Activities (Sunacrip) that has lately got power to control and regulate crypto market activities stated in the announcement last Friday.

According to the decree, the new rules suggest that any cryptocurrency transfer will be subject to fees, which will be based on the transaction amount. As a result, the fee will start at EUR 0.25 per transaction and can reach up to 15%.

As it was reported earlier, Sunacrip became the key regulatory body for the cryptocurrency sector of Venezuela following "Constituent Decree on the Integral System of Crypto Assets" that was released in the official gazette in late January.

For now, the regulator can determine limits for transactions in cryptos, set prices for crypto in the national currency. Moreover, the parties of any transaction can be required to provide the necessary information.

Notably, the current amount of crypto transactions has been set at 10 Petros ($600) per month, while any overrunning of this sum will be subject to the regulator's consideration and green light.

At the same time, the crypto market players believe this move is a "bad joke" citing this move as an attempt to make the crypto technology centralized coming contrary to the initial reasons.

It also should be mentioned that the reports of market analytical resources show that Venezuela scored one of the leading places in terms of bitcoin trading volumes. Specifically, it was noted that people in Venezuela have to buy bitcoins actively facing a political and financial crisis in the country.

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11 February, 2019 15:55

← ICE spokespersons: Bakkt can go live later this year with up to $25 million extra investments

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