The Venezuelan government has published new regulations that require all crypto businesses in the country to be registered by Sunacrip. The institution serves as the superintendency of all cryptocurrency related activities in the South American nation.
The rules were published in an official gazette last week by the Ministry of Popular Power for Communication and Information (MIPPCI). According to the publication, Sunacrip has now been given the mandate to establish the necessary registration requirements and processes. Then it is expected to inform all the crypto businesses that have been affected by the new rules.
The gazette notes that the crypto businesses that fail to register will face a penalty of 100-300 Petros, which is the official cryptocurrency of Venezuela.
The publication is made up of 63 articles that cover various topics from definitions of crypto terms, the business registration, and audit requirements, penalties for those that fail to comply or any other type of criminal behavior and many more.
Now with the new mandate, Sunacrip will be responsible for carrying out inspection and auditing of all crypto businesses in the country. It also has the power to revoke licenses if they are non-compliant or if they pose a danger to the public.
Members of the crypto companies that are found to be non-compliant under the new rules risk going to prison for one to three years. They also risk a penalty of around 50-100 Petros. Crypto miners will also have to register and comply with the new rules otherwise they risk having their mining rigs seized, and the institution can retain their equipment.
Venezuela became the first country in the world to launch a national cryptocurrency dubbed Petro last year. In October the token began to be sold to the citizens of the nation through a government portal as the nation started to transition from the Bolivar to the Petro.
Now the government has ordered all the banks in the country to begin using the token.
What’s your take on the new rules that require all crypto business in Venezuela to register under a government institution? Share your thoughts in the comment section below.