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Venezuela's Regulator Introduces Crypto Remittance Taxes

13 Feb 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.

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