The National Superintendence of Cryptoactives (Sunacrip) of Venezuela, in its regulatory role of the Venezuelan cryptographic sector, published ruling 054 that establishes that people or institutions that use exchanges, wallet providers or platforms not authorized by the agency could be sanctioned.

The regulatory body issued the standard with the purpose of complying with the recommendations of the Financial Action Task Force (FATF) on the “fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, through the use of cryptocurrencies.”

The first FATF recommendation assumed by Sunacrip is related to new technologies and indicates that “countries and financial institutions must take adequate measures to manage and mitigate the risks of virtual assets.”

While the second recommendation is the so-called “Travel Rule” and establishes that Virtual Asset Service Providers (VASPs), as well as cryptocurrency exchanges, have a duty to “collect and share the personal data of their clients when executing superior transactions. at $1,000.”

The published ruling refers to “exchanges, wallets and P2P exchange platforms, smart contract developers, ATMs, contactless solutions, services that use or develop big data, artificial intelligence cloud computing, prepaid virtual cards, among others.”

Binance could be affected by Sunacrip

Users who could be impacted by Sunacrip’s measures are those who use the Bitcoin cryptocurrency and those who exchange crypto assets through Binance, since this platform is not authorized by the Venezuelan regulatory body.

The published document does not specify the type of sanctions that the entity would apply to those affected. However, the country has laws that stipulate a series of “sanctions for those who commit violations due to lack of authorization.”

Such is the case of the decree law on organized crime, which article 42 states: “those who operate or carry out any type of activity related to the constitution, issuance, organization, operation and use of crypto assets or sovereign crypto assets, including mining, without the due authorization from the governing body to be sanctioned with a fine”.

Said fine could range from 100 to 300 petros, the cryptocurrency created by the Venezuelan government, which represents approximately between 6,000 and 15,000 dollars.

M. Rodríguez

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Source: criptoides.com

La entrada Sunacrip could sanction users of unregulated exchanges apareció primero en Bitfinance.

The International Monetary Fund (IMF) considers it essential to create a regulatory framework for cryptocurrencies. That is why he published on his official blog some considerations that can serve as a reference to establish laws and guidelines that allow addressing digital assets in the world.

The IMF admits that the regulations should present similar conditions for all those involved, as established for the different providers of financial services. Hence, all providers of commercial operations and services should acquire a license that allows them to provide the critical functions inherent to the handling of cryptocurrencies.

“Crypto asset service providers that provide critical functions must be licensed or authorized. These would include storage, transfer, liquidation and custody of reserves and assets, among others, similar to the existing rules for financial service providers. The licensing and authorization criteria must be clearly articulated, the responsible authorities must be clearly designated and the coordination mechanisms between them must be well defined.”

Another aspect of great importance for the IMF is the adjustments to the type and use of crypto assets, recommending that countries take into consideration the adequacy of the regulations to the different types of services and the uses of cryptocurrencies, as well as the risks involved. implicit.

Payment services and products should have requirements similar to those for bank deposits, supervised by the central bank or the payments supervisory authority. Regardless of the initial authority to approve crypto products and services, all supervisors, from central banks to securities and banking regulators, must coordinate to address the various risks that arise from different and changing uses,” the statement highlights.

IMF prioritizes international efforts

The global financial institution admits that licensing, adaptation to the type and use of crypto assets and the risks they entail, are the main guidelines that the international community should consider when designing regulatory frameworks and thus handle similar criteria when dealing with assets and the operations they have associated with.

“The cross-sector and cross-border nature of crypto limits the effectiveness of national approaches. Countries are adopting very different strategies and existing laws and regulations may not allow national approaches that comprehensively cover all elements of these assets,” the IMF noted.

M. Rodríguez

Source: diariobitcoin.com

La entrada IMF raises principles to regulate cryptocurrencies apareció primero en Bitfinance.

The South Korean Democratic Party recently organized a crypto task force with the aim of “institutionalizing” cryptocurrencies with innovative legislation. The intention is to soften the attitude of the regulator and propose progressive regulation.

The working group is made up of parliamentarians, who have experience in these types of laws since they worked on South Korea’s first legislation on cryptocurrencies in 2019.

The Financial Services Commission (FSC) has had a fairly strict and inflexible position on policing the crypto industry with measures that could leave the nation with just four exchanges by September.

However, earlier this year, high-level government ministers began to speak about the need to “take strong measures” and the initiative comes as a response from the government to those who accuse it of marginalizing and demonizing the cryptocurrency sector at a time when all other ways to make money have been shut down.

For the Secretary of the working group, Kim Byung-wook, it is very important “that we bring the cryptocurrency industry to the institutional system.” Today, exchanges and other service providers are legally classified in the lowest echelon of businesses, putting them on a legal par with nightclubs and karaoke business.

Another goal of the working group is the creation of a system that would grant crypto companies the same type of commercial rights that other companies enjoy.

M. Rodríguez

Source: cripto247.com

La entrada Korea wants to institutionalize cryptocurrencies apareció primero en Bitfinance.