The Venezuelan government has begun to regulate cryptocurrency money transfers. The regulator has set a hard limit on the volume of transactions and will charge a commission of up to 15% of the amount of the transaction in cryptocurrency.
The national authority for the supervision of crypto assets and related activities (Sunacrip), which regulates all cryptocurrency transactions in Venezuela, announced the entry into force of a new clause on remittances using cryptocurrency.
“The sender of the remittances mentioned in this decision is obliged to pay the financial commission in favor of Sunacrip in the amount of not more than 15% of the total amount of the remittance,” the regulator said.
The minimum commission charged by Sunacrip is "equivalent to 0.25 euros (about $ 0.28, – Ed.) Per transaction." In addition, Sunacrip now has the authority to set limits on transfers in cryptocurrency, set the rate of cryptocurrencies in sovereign bolivars, specify tariffs and request data from issuers and recipients involved in transactions, reports the local news publication Criptonoticias.
The monthly shipping limit is equivalent to 10 Petro (PTR) or $ 600. Any amount that exceeds this limit requires Sunacrip approval, and the regulator can raise the limit to a maximum of 50 PTR ($ 3,000).