Venezuela crypto regulator charges 15% of remittances to the country

11 Feb, 2019 | Updated: 11 Feb, 2019
by Fifi Arisandi
Regulation
Venezuela crypto regulator charges 15% of remittances to the country

Crypto is growing in Venezuela, and many crypto companies are aware of that, but so does the government.

A new regulation on crypto remittances is just announced by the country’s financial regulator, the National Superintendency of Crypto Assets and Related Activities (Sunacrip).

Starting last Friday, when the announcement was made, all crypto remittances to anyone in the “territory of the Bolivarian Republic of Venezuela” is subject to a “financial commission” payable to the Sunacrip.

The commission is set at maximum of 15% of the total remittance amount, quoting the official statement, “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.”

The new regulation also set the monthly amount limit, which is around $600. Any remittances with amount higher than the limit will require an approval from the Sunacrip.

In addition, the announcement also stated that Sunacrip has the right to request the data of the parties involved in the remittances, as reported by News Bitcoin.

The country that suffers from hyper-inflation and political crisis seems to be able to get a bit of their consolation from the cryptocurrency for a while, which can be seen from the massive use cryptos in the country. 

Read more: P2P trading in Venezuela last year was more than India and Canada combined

But now, as the new regulation on the remittance commission is enforced, it remains to be seen if Venezuelans still see crypto as a way out from their economy struggles. 

Read more: What has the Trump-backed Venezuelan president Guaido said about Bitcoin?

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