Crypto.IQ Daily Radio Show Feb. 12: Venezuela Plans on Regulating Bitcoin (BTC), Reality Shares Launching Bitcoin ETF Based on CME and CBOE Futures, Morgan Creek Investing Pension Funds Into Blockchain and Crypto, Ethereum (ETH) dApps Have Extremely Low Adoption
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Crypto Remittances Now Regulated In Venezuela
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The Venezuelan government has introduced taxation regulations for crypto remittances. The new legislation will be applied both to individuals and legal entities.
The state has set out monthly limits and commissions, payable to National Superintendency of Crypto Assets and Related Activities (SUNACRIP).
Max transfer fee is 15%, min. fee is ~$0.28. There is also set the monthly operational limit at 10 Petro per month (~ $600).
If the monthly amount exceeds $600, further transactions will require approval from SUNACRIP. The overall limit must not surpass 50 Petro (~$3,000).
It’s not explained how the government is going to control services used to transact in decentralized cryptocurrencies except that it will use a “technological platform” to proceed with taxation.
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