Venezuela Imposes Fees and Limits on Local Crypto Remittances

Published on by Cointele | Published on

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 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 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.

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.

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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