Petro and Venezuela: Sunacrip starts regulating and taxing cryptocurrency remittances

Venezuela and its tryst with the field of cryptocurrencies has been ongoing for a long time now and with the advent of Petro and the passing of stringent laws surrounding it, it looks like updates about crypto will continue to occur.

The latest development from Venezuela is that the country has started regulating and taxing cryptocurrency remittances. The regulator, the National Superintendency of Crypto Assets and Related Activities or Sunacrip has set a monthly limit for remittances and will be collecting commissions of up to 15 percent of the transaction amount. One of the official decrees stated:

“The sender of the remittances referred to in this ruling is obliged to pay a financial commission in favor of Sunacrip up to a maximum amount of 15% calculated on the total of the remittance.”

Reports from within Venezuela have also said that the Sunacrip’s minimum commission rates are “equivalent to 0.25 euros per transaction”. The regulation also claims that Sunacrip now has the vested power to control key factors of the remittances. This includes establishing the remittance limits, specifying tariffs, setting values of cryptocurrencies in sovereign bolivars and requesting data from the issuers and receivers involved in the transactions.

Sunacrip was also in the news recently on February 4, when a decree establishing a legal framework for cryptocurrencies in Venezuela came into force. The release was called the “Constituent Decree on the Integral System of Crypto Assets”, which included 63 articles split into different sections. The Superintendent of Sunacrip even tweeted:

“Today the constituent decree that will govern the operation of the Integral System of Crypto Assets of Venezuela was published in Official Gazette Number 41.575.”

The remittance market being controlled by Sunacrip has not gone down well with the general public of the opinion that it is “the most absurd thing that anyone has ever seen”. Others voiced their disdain by stating that the new framework, as well as the centralized control of Sunacrip, actually hinders the mainstream adoption of cryptocurrencies.

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