Venezuela Releases New ‘Constituent Decree on the Integral System of CryptoAssets’ Regulations

The situation in Venezuela is continually deteriorating. The country’s worsening political scenario is being catalyzed by sanctions from foreign countries. To make thing worse, the USA is planning a military intervention in the country. The economic situation in the country keeps getting worse, which has made the region a breeding ground for organic crypto adoption. As long as Venezuelans have an Internet connection, they can send Bitcoin across its network freely outside of the control of the oppressive Maduro regime.

To make the best use of the opportunity, the country is actively seeking to regulate digital assets and incorporate them in their constitution. Recently, they introduced something called “CONSTITUENT DECREE ON THE INTEGRAL SYSTEM OF CRYPTOASSETS,” which seeks to integrate and regulate the entire crypto ecosystem.

Through this, they introduced the National Superintendence of Cryptoactives and Related Activities (Sunacrip). The body is the central axis of the new legislation with at least 15 competencies, while the superintendent will be responsible for other 12 attributions.

The purpose of this Constituent Decree is to create and define the regulatory framework applicable to the Integral System of Cryptoactives, as an organizational and functional expression of economic sovereignty, with the firm purpose of moving forward, harmoniously in the productive development of the Bolivarian Republic of Venezuela.

This Constituent Decree has a liberating character for the Venezuelan people and is based on principles of inclusion, promotion and financial innovation, inter-institutional cooperation, universality, protection for users, the common good, co-responsibility, preservation of financial stability, prevention of operations illicit, technological security and simplification of procedures administrative, integrity, sovereignty, immunity, concurrence, transparency, social responsibility and public ethics.

Sunacrip also has the power to decide which companies are authorized to operate in the country, which ones are not, and even which cryptos will have the approval for their commercialization, which could place the crypto exchanges at a disadvantage.

With the depreciation of the Bolivar continuing to accelerate at an unprecedented pace, Bitcoin still represents a more stable option for value storage than the Bolivar despite being down nearly 70 percent from its all-time high. Venezuela has been trying to become crypto friendly for some time now. In November 2018, the country proposed a law which made cryptocurrency a unit of commercial exchange, which also allows goods and services to be purchased with it.

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