VENEZUELA REGULATOR HAS RESTRICTED THE AMOUNT OF CRYPTOCURRENCY TRANSFERS AND INTRODUCED COMMISSIONS

The national regulator of cryptocurrencies and related activities (Sunacrip) of Venezuela has published a new decree number 41.581, which establishes the Commission for conducting cryptocurrency transfers.

The decree describes “the requirements and procedures for making transfers and accepting transactions in cryptocurrencies for citizens in the territory of the Bolivarian Republic of Venezuela”.

“The person making the transfer must pay a Commission that can reach 15% of the transfer. The exact Commission is calculated depending on the volume of the transaction, but it cannot be less than $0.28,” the document says.

Sunacrip also sets limits on transfers. Citizens can send $600 every month, and if necessary to increase the limit they can apply to the regulator and, after obtaining approval, will be able to send amounts up to $3000.

Earlier, the Venezuelan government published a decree obliging taxpayers working with virtual currencies in the country to pay taxes in cryptocurrencies. Similarly, operators of foreign currencies must pay taxes in the currencies with which they work.

Note that in early February, a “constitutional decree on the integrated system of crypto assets” was issued. Against this background, Venezuela has set a new record for Bitcoin trading volume.

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