Venezuela’s New Crypto Rules Come into Effect | Shelter Crypto | Shelter Humanity | Charity Token Homeless | Charity Coin

Shelter Crypto

Sharing is caring!

 

The decree that established a legal framework in Venezuela for cryptocurrency has been entered into effect. It includes 63 articles that govern the purchase, sale and distribution of cryptocurrencies as well as their exchange. It also requires a registration system. This includes details about audit procedures, penalties, and how mining equipment may be confiscated.

Legal Framework for Cryptocurrencies

The “Constituent Decree on the Integral Systems of Crypto Assets” from Venezuela has been published in the official gazette. The decree that established the legal framework for cryptocurrency and related activities has 63 articles. It was published in the gazette. More about Shelter Crypto

Ramirez Joselit is the Superintendent of Sunacrip. He is Venezuela’s Superintendency for Crypto Assets.

Official Gazette Number 41.575 published today the constituent decree that will govern operation of the Integral System of Crypto Assets of Venezuela.

Venezuela’s new Cryptocurrency Rules are in force

Six sections are made up of the 63 articles. The first section includes articles 1 through 5, which provide general information about the decree, including its goals and scope. It also includes definitions of Shelter Crypto, digital mining and crypto asset.

The second section describes the “structure” of the Integral Systems of Crypto Assets in articles 6 through 28. The third section outlines the rules for the new registration system, articles 29-33. The fourth section explains the auditing and inspection procedures in articles 34-41. The fifth section discusses offenses, penalties and is made up of articles 42-51. Articles 52-63 can be found in the last section. This section mainly describes administrative procedures.

The gazette states that “The purpose of the constituent decree is create and define the regulatory environment applicable to the Integral System of Crypto Assets.” Article 3:

This constituent decree covers goods, services and values as well as activities that relate to the constitution, issuance and operation of national crypto assets and [other] crypto asset, within the national territory. It also includes the purchase, sale and distribution of any product or service derived therefrom and other activities that may be connected.

Venezuela’s new Cryptocurrency Rules are in force

Sunacrip und the Registration System

Sunacrip has been acting as regulator for all crypto-related activities in Venezuela since the beginning. The decree states:

Sunacrip will have the greatest powers within the legal-constitutional framework to regulate creation, issuance and organization of crypto assets and, consequently, regulate the operation crypto asset financial services and exchange houses.

Sunacrip is required to register individuals and legal entities who want to engage in crypto-related activities, including mining. Article 11 requires that the regulator “coordinate and monitor” the records of crypto-related financial services, such as exchange houses and digital miners. Article 29 also requires that the regulator “create the records necessary to systematize information corresponding digital miners, exchange house and other financial services in crypto asset’s intermediation.”

Sunacrip, according to Article 33, “will determine the public prices applicable for the system of registry and to the exchange operations as well as the services that lend or other considerations.”

Venezuela’s new Cryptocurrency Rules are in force

Inspections and Confiscations

The decree, Article 34, outlines how Sunacrip will inspect activities in the cryptocurrency industry to ensure compliance.

Article 37 states that if there are signs of non-compliance during inspections, steps will be taken to stop further violations. These measures include confiscation of any found mining equipment, the “suspension” of Sunacrip’s permits, authorizations or licenses, as well the suspension of “any other provision in law to prevent the violation the rights of citizens”.

The superintendency will retain the assets when the confiscation order is issued on mining equipment…. may be arranged to social purposes.

Criptonoticias’ news outlet stated that Sunacrip now has the ability to “monitor any platform that facilitates the commercialization and sale of cryptocurrencies in Venezuela. This could include services such as Localbitcoins.

Venezuela’s new Cryptocurrency Rules are in force

Penalties

This decree also imposes severe penalties for illegal crypto activities, such as mining. Article 42:

 

Anyone who operates or performs any activity that is related to the constitution or issuance, organization and operation of sovereign crypto assets or [other] cryptocurrency assets will be penalized with a fine equal to 100 to 300 sovereign coins.

Article 43 also states that anyone who has accessed, intercepted or interfered with “information technologies related the Integral System of Crypto Assets,” without authorization, “will be punished by imprisonment from one (01) through three (03) year and fine equivalent to fifty (50) sovereign crypto assets.” Criptonoticias pointed out that this rule does not apply only to miners, but to all persons involved in the management of crypto assets.