Venezuela's Regulator Introduces Crypto Remittance Taxes

February 13, 2019   Bitcoin

The crypto trend took over the world back in 2017, and while some countries accepted it better than most - such as Japan or South Korea - nobody is quite sure what to think when it comes to Venezuela's actions in the crypto space. The country was seemingly pro-crypto, with little choice considering hyperinflation that exceeded 1,000,000%. They also launched their own crypto, Petro, although the adoption of the coin ran into trouble, and many simply decided to go for Monero.

Additional crypto reports regarding the country continue to arrive, with some of the recent ones including the passing of several laws regarding Petro.

The latest development in Venezuela, however, includes an attempt at regulating and taxing crypto remittances. The country's regulator, the National Superintendency of Crypto Assets and Related Activities or Sunacrip, has decided to introduce a monthly remittance limit.

Furthermore, they also announced that they would start collecting a commission, which will be 15% of any amount that was sent. The minimum commission rate is at around 0.25 EUR per transaction. However, the regulator's interference doesn't stop there. Instead, they decided to introduce a remittance limit, introduce special tariffs, determine the value of crypto in bolivars, and even request and collect data belonging to senders and receivers alike.

Venezuela establishes a legal framework for crypto

About a week ago, on February 4th, Venezuela's regulator was making headlines thanks to the new decree which brought the legal framework for cryptos in this country. The document is called “Constituent Decree on the Integral System of Crypto Assets,” and it contained 63 different articles.

However, the country's attempts to take over the remittance market and control every aspect of it was not accepted so well from the country's general public. While introducing regulations and involvement from the government is believed to be the step towards crypto adoption in most countries of the world, in Venezuela, citizens believe that it will damage it.


Related Crypto News and Promotions

Top upcoming ICOs

ICOs Rating Days left
1 DogData 5 40
2 2local 5 71
3 SerenitySource 5 100
4 5 101
5 Tycoon 5 101
6 Pawtocol 4.9 72
7 Curate 4.9 93
8 Ledder 4.9 101
9 IdeaFex 4.9 635
10 BitWings 4.8 9

ICOs rating

Top Cryptocurrencies

Сryptocurrency CVIX Price Change, 24h
Bitcoin 53 $10 863.85 -2.12%
Ethereum 41 $372.23 -3.56%
Tether 1 $1.00 0.09%
XRP 67 $0.246031 -2.74%
Bitcoin Cash 89 $224.32 -4.71%
Polkadot 30 $4.61 -11.10%
Binance Coin 67 $26.27 -4.69%
Chainlink 80 $10.05 -3.22% Chain 39 $0.163787 -2.66%
Litecoin 85 $46.81 -4.17%

Cryptocurrencies rating

Top Crypto Brokers

Broker Status
1 FIBO Group information
2 XM information
3 OctaFX information
4 101investing information
5 easyMarkets information
6 Orbex information
7 LH Crypto information
8 USGFX information
9 information
10 Admiral Markets information

Brokers rating

Top Crypto Exchanges

Exchange Volume change, 24h
1 Binance -29.36%
2 -9.06%
3 HBTC -15.51%
4 Bidesk -16.35%
5 CITEX 9.42%
6 TAGZ Exchange 11.50%
7 IDCM -16.55%
8 Bitribe -20.84%
9 Chiliz -17.09%
10 Binance.KR -37.04%

Exchanges rating