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Venezuela Imposes Fees and Limits on Local Crypto Remittances


Venezuela Imposes Fees and Limits on Local Crypto Remittances

Venezuelan government sets monthly limit on crypto remittances within the country, introduces fees of up to 15 percent

The Venezuelan government has introduced regulations for crypto remittances within the country, according to a decree published on Feb. 7 in the country’s official media outlet, Gaceta Oficial.

According to the document, the National Superintendency of Crypto Assets and Related Activities (SUNACRIP) will now be responsible for taxation related to the sending and receiving of cryptocurrencies. The new legislation will reportedly be applied both to individuals and legal entities.

According to the new requirements, the state has set out monthly limits and commissions, payable to SUNACRIP, on cryptocurrency remittances.

The decree states that the maximum fee for a transfer has been set at 15 percent. The rules also indicate that the minimum fee for a transaction in crypto is equivalent to 0.25 euros, or approximately $0.28.

The document also sets the monthly limit for crypto remittances in national state-backed digital currency Petro, at 10 Petro per month. According to price information on CryptoCompare, the sum in Petro is equal to about $600.

If the monthly amount exceeds $600, further transactions will require approval from SUNACRIP. The overall limit, the regulator notes, must not surpass 50 Petro, or about $3,000.

The document does not explain how the government is going to control services used to transact in decentralized cryptocurrencies, such as Bitcoin (BTC), except that it will use a “technological platform” to proceed with taxation.

As Cointelegraph reported earlier this month, Bitcoin weekly trading volumes in Venezuela have reached a new all-time high amidst massive hyperinflation and an ongoing presidential crisis. Volumes rose to almost $7 million per week on p2p platform LocalBitcoins alone in early February. Moreover, Venezuela and Colombia account for 85 percent of trading volumes on the p2p exchange in Latin America, according to Cointelegraph en Español.

Venezuela introduced a new legal framework for cryptocurrencies and related technologies earlier this month. The decree establishes obligatory licenses for mining entities and crypto exchanges, and introduces fines for unlicensed activities.

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