Venezuela sets new rates and limits on cryptocurrency transfers


The Venezuelan government has introduced regulations for remittances to cryptocurrency within the country. According to a decree published by the official gazette of the country on February 7th.
The document also states that the National Superintendency of Crypto Assets and Related Activities (SUNACRIP) will now be responsible for the taxation of sending and receiving cryptocurrencies. The new law will be applied to both individuals and legal entities. The new decree provides for monthly limits and commissions on remittances of cryptocurrency, to be paid to SUNACRIP. The maximum commission for a transfer of cryptocurrency has been set at 15%, while the minimum is € 0.25. The document also sets a monthly limit for cryptocurrency remittances of 10 Petro, the oil-based state digital currency. According to CryptoCompare data, this sum would be equivalent to about $ 600. In the event that the monthly limit is exceeded, before proceeding with further transactions it will be necessary to obtain the approval of the SUNACRIP. However, it is not possible in any case to exceed the maximum limit of 50 Petro, equivalent to about $ 3,000.
The document does not explain how the government intends to control the services used to carry out transactions in decentralized cryptocurrencies, such as Bitcoin (BTC), but only indicates that the taxation procedures will take place via a “technology platform”.
A few weeks ago, the volume of Bitcoin’s weekly exchange in Venezuela reached a new record, due to the strong hyperinflation that afflicts the country, accentuated even more by the presidential crisis. Only on the P2P LocalBitcoins platform, the equivalent of 7 million dollars was exchanged in a week. According to a report by Cointelegraph en Español, Venezuela and Colombia are responsible for 85% of the volumes generated in Latin America on the P2P exchange.
Venezuela has recently introduced a new regulatory framework for cryptocurrencies and associated technologies. The decree regulates the entities involved in the mining sector and the cryptocurrency exchanges, and introduces penalties for activities that do not hold the necessary licenses.