Finally, Venezuela’s “Constituent Decree on the Integral System of Crypto Assets”  published! It appeared in the country’s official gazette which helps to build up a legitimate system for cryptocurrencies in Venezuela.

 

The constitution contains 63 articles which include rules by which to buy, deal, use, distribution, and trade cryptocurrencies and related products. It also commands an enlistment framework and further details audit procedures and penalties for non-compliance.

 

“Official Gazette Number 41.575 published the constituent decree that will govern the operation of the Crypto Assets of Venezuela..”

-Tweeted by Ramirez Joselit, the Superintendent of Sunacrip, Venezuela’s Superintendency of Crypto Assets and Related Activities.

 

63 articles have 6 segments. The first segment involves articles from 1 to 5. This explains details of the declaration including its goals and scope of application. It additionally characterizes blockchain, digital mining, crypto asset, sovereign crypto asset, cryptography, user, and public price.

 

The second segment clarifies the “structure of the Integral System of Crypto Assets” in articles 6 to 28. The third segment sets rules for the new enrollment framework in articles 29 to 33. While the fourth provides audit and inspection procedures in articles 34 to 41. Articles 42 to 51 make up the fifth section which examines offenses and punishments. Articles 52 to 63 are in the last segment. This, for the most part, details authoritative strategies.

 

“The purpose of this constituent decree is to create and define the regulatory framework applicable to the Integral System of Crypto Assets,” the gazette reads.

 

“The scope of application of this constituent decree [covers] goods, services, values or activities related to the constitution, issuance, organization, operation and use of [the] national crypto assets and [other] crypto assets, within the national territory, as well as the purchase, sale, use, distribution and exchange of any product or service derived from them and other activities that are connected.”

-According to article 3

 

“[Sunacrip] will exercise the broadest powers within the legal and constitutional framework, to regulate the creation, issuance, organization, operation, and use of crypto assets, and consequently, to regulate the operation of the exchange houses and other crypto asset financial services, as well as activities associated with digital mining.”

-The decree which states

“Sunacrip will establish the public prices applicable to the system of registry. Also to the exchange operations, as well as to the services that lend and other considerations.”

-According to Article 33

 

Followed by Article 34 of the decree which explains how Sunacrip will inspect the activities to ensure compliance.

 

“Those who operate or perform any type of activity related to the constitution, issuance, organization, operation and use of sovereign crypto assets or [other] crypto assets, including mining, without the due authorization of the governing body and in breach of the other formalities required by this constituent decree, will be sanctioned with a fine equivalent to 100 to 300 sovereign crypto assets.”

-According to article 42

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