Venezuela applies new regulatory norms for cryptocurrencies

The National Superintendency of Cryptocurrencies and Related Activities of Venezuela (Sunacrip) has implemented new measures within the regulatory margin that allow to maintain transparency and good use in the management of cryptocurrencies in the country, as announced by the government entity.

This order, published in the Official Gazette on April 21, is directed to all virtual asset service providers (VASP), which is intended to oversee the risks related to money laundering, terrorism financing and “proliferation weapons of mass destruction”, as specified in the providence of the publication.

“This standard is aimed at individuals and entities, public and private, that provide third parties with products and services through activities that involve virtual or cryptoactive assets, in or from the territory of the Bolivarian Republic of Venezuela”, and it is expected that It comes into effect on July 19 of this year.

Another improtant aspect is the so-called bitcoin transaction travel rule, understood by the Financial Action Task Force (FATF) as part of the recommendations offered to minimize money laundering on a global scale.

In a generic way, this rule establishes that any operation in bitcoin or other cryptocurrency exceeds 1,000 euros or dollars must include the personal data of who sends the funds and to whom it is directed, but in the case of Venezuela, Sunacrip requires that “effective processes be designed of Due Diligence for the knowledge of the Client (DDC).”

K.Villarroel

Source: criptonoticias