Is Crypto Legal in Venezuela?
Overview
Venezuela operates under a dedicated crypto-asset framework anchored in the Constitutional Law of the Integral System of Cryptoassets (2018) and implementing decrees, with SUNACRIP as the primary regulator requiring registration and licensing for exchanges, wallet providers, miners, and stablecoin issuers — all assets falling under the broad "criptoactivo" definition regardless of type. Licensed entities must satisfy AML/CFT obligations including KYC, customer due diligence, transaction monitoring, and suspicious activity reporting, with Travel Rule principles incorporated in spirit through SUNACRIP administrative orders, while the Central Bank of Venezuela retains ancillary oversight over payment systems. The single most decision-relevant factor is SUNACRIP's 2023 institutional collapse — its leadership was arrested in a major corruption scandal, the regulator was intervened and restructured, and Venezuela remains under FATF increased monitoring, meaning the written framework carries significant enforcement uncertainty and counterparty risk. (sunacrip.gob.ve, gacetaoficial.gob.ve, seniat.gob.ve)
Regulatory Bodies
Banco Central de Venezuela (BCV - Central Bank of Venezuela):
Operating Models
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AI · UnreviewedPrimary Legislation
| Law / Regulation | Year | Scope |
|---|---|---|
| Original decree that established the Petro and the initial framework | 2018 | Date: January 2018 (Original decree that established the Petro and the initial framework). |
| Ley Constitucional del Sistema Criptoactivo de Venezuela | Constitutional Law of the Venezuelan Crypto-Asset System (Ley Constitucional del Sistema Criptoactivo de Venezuela) |
Licensing Requirements
Past: Heavily influenced by the creation and promotion of its national cryptocurrency, the Petro, which aimed to circumvent sanctions and stabilize the economy. This led to a very centralized and controlled approach.
Present (Post-Petro): While the Petro is gone, the regulatory body and the legal framework for licensing and overseeing private crypto activities (mining, exchanges, trading) persist. The focus is on regulating the industry, ensuring compliance with state requirements, and preventing illicit activities. It's not a ban on crypto, but it's far from a free-market approach.
Role: This is the primary and most powerful regulatory body for virtual assets in Venezuela. It is responsible for regulating, supervising, authorizing, and overseeing all activities related to crypto assets, including mining, trading, and exchanges. SUNACRIP establishes the legal framework, issues licenses, sets fees, and monitors compliance.
Website: While SUNACRIP has had a website (e.g., sunacrip.gob.ve), its accessibility and content can sometimes be intermittent or limited due to the political and economic situation. Official communications often occur via the Gaceta Oficial.
Role: While SUNACRIP handles direct crypto regulation, the BCV may play a role in broader financial stability, payment systems, and any potential future digital currency initiatives. Historically, it was involved in setting Petro exchange rates.
Website: Banco Central de Venezuela
Unidad Nacional de Inteligencia Financiera (UNIF - National Financial Intelligence Unit): Part of the broader anti-money laundering (AML) framework, it would receive suspicious activity reports related to crypto transactions.
Constituent Decree on the Sovereign Crypto-Asset System and the Petro (Decreto Constituyente sobre el Sistema Criptoactivo Soberano y el Petro)
Date: January 2018 (Original decree that established the Petro and the initial framework).
Status: Largely superseded by subsequent laws and resolutions, especially with the official shutdown of the Petro on January 15, 2024. While historical, it laid the groundwork for state involvement in crypto.
Constitutional Law of the Venezuelan Crypto-Asset System (Ley Constitucional del Sistema Criptoactivo de Venezuela)
Date: January 30, 2019 (Published in Official Gazette No. 41,575).
Status: This is the primary active legal framework governing crypto assets in Venezuela.
Establishes SUNACRIP and grants it broad powers to regulate all crypto-asset related activities.
Requires mandatory registration and licensing for all individuals and entities involved in crypto-asset mining, exchange, or any related services.
Mandates the use of the national crypto-asset system (even after Petro's demise, the system for regulating private assets remains).
Imposes a "sovereign crypto-asset activity tax" (Impuesto a las Grandes Transacciones Financieras - IGTF, which applies to transactions in foreign currency and crypto assets).
Reference: Gaceta Oficial N° 41.575 (January 30, 2019) - Searchable in official gazette archives, e.g., via Gaceta Oficial de la República Bolivariana de Venezuela (though direct links to specific gazettes can be ephemeral).
Throughout the years, SUNACRIP has issued numerous resolutions detailing specific requirements for miners, exchanges, wallet providers, and other service providers (e.g., registration processes, fee structures, operational guidelines, AML/CFT compliance). These resolutions operationalize the Constitutional Law. Finding specific URLs for all of them is challenging as they are often published in the Gaceta Oficial over time.
Legal but Highly Regulated: Crypto trading is permitted in Venezuela, but it is not a free-for-all. All entities and individuals engaged in crypto trading services, including exchanges (both centralized and peer-to-peer platforms operating within Venezuela's jurisdiction), must be licensed and registered with SUNACRIP.
Mandatory Registration: Miners, traders, exchange operators, and anyone offering crypto-related services must register with SUNACRIP.
AML/CFT Compliance: Licensed entities are subject to Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regulations, requiring customer due diligence (KYC), transaction monitoring, and suspicious activity reporting.
Fees and Taxes: Crypto transactions, particularly those involving foreign currency or virtual assets, are subject to the Impuesto a las Grandes Transacciones Financieras (IGTF), a tax on large financial transactions, which can range from 3% to 20% depending on the type of transaction and official decrees. SUNACRIP also imposes various administrative fees for licenses and permits.
State Oversight: The regulatory framework grants the state significant oversight over crypto activities, allowing it to intervene, audit, and impose sanctions.
AML/KYC Requirements
No verified facts yet. 32 unverified fact(s) in explorer
Travel Rule
Venezuela does not have a specific legal framework implementing FATF-style travel-rule requirements for cryptocurrency and virtual asset transfers as of 2025–2026 Venezuela Travel Advisory | Travel.State.gov
No named Venezuelan regulator has issued travel-rule-specific guidance, licensing, or registration obligations for virtual asset service providers (VASPs) Travel Advisory: Venezuela - Level 4 (Do Not Travel)
No Venezuelan entity has received a crypto license or registration under any travel-rule framework Federal Register :: Rescission of the Suspension of All Direct Commercial Passenger and Cargo Flights Between the United States and Venezuela
No monetary thresholds, license types, or application procedures for crypto travel-rule compliance exist Venezuela Travel Advisory March 19, 2026 - U.S. Embassy in Caracas
No Venezuelan cryptocurrency regulation exists; a business seeking travel-rule compliance cannot rely on any known framework for legal guidance Venezuela Travel Advisory | Travel.State.gov
The U.S. Department of State has issued a Level 4 "Do Not Travel" advisory for Venezuela, citing crime, civil unrest, poor health infrastructure, kidnapping, and arbitrary detention of U.S. citizens Venezuela Travel Advisory | Travel.State.gov
The U.S. Embassy in Caracas suspended all consular services on March 11, 2019, and remains closed as of the latest travel advisory updates Travel Advisory: Venezuela - Level 4 (Do Not Travel)
The OSAC report notes that the U.S. government has "limited ability to provide emergency services" to U.S. citizens in Venezuela, reflecting the breakdown of normal diplomatic and regulatory channels Travel Advisory: Venezuela - Level 4 (Do Not Travel)
The United Nations Human Rights Council Fact-Finding Mission reports from 2020 and 2021 documented human rights abuses attributed to the Maduro regime, indicating the broader rule-of-law environment affecting all regulatory matters including financial services Travel Advisory: Venezuela - Level 4 (Do Not Travel)
The Federal Register document describes the "economic and political crisis in Venezuela" as a factor in the U.S. suspension of flights, demonstrating the unstable environment for any business regulation Federal Register :: Rescission of the Suspension of All Direct Commercial Passenger and Cargo Flights Between the United States and Venezuela
No Venezuelan regulatory body, law, decree, or official gazette publication regarding cryptocurrency or travel-rule requirements exists Venezuela Travel Advisory March 19, 2026 - U.S. Embassy in Caracas
No Venezuelan authority (such as a central bank, financial regulator, or dedicated crypto agency) has been identified Venezuela Travel Advisory | Travel.State.gov
No reference to Venezuela's FATF membership status, mutual evaluation reports, or international AML/CFT standing exists Travel Advisory: Venezuela - Level 4 (Do Not Travel)
The Federal Register notice indicates that as of 2026, Venezuela's government changed following the January 3, 2026 capture of President Nicolás Maduro, with a "new interim government" re-establishing diplomatic and economic relationships with the United States Federal Register :: Rescission of the Suspension of All Direct Commercial Passenger and Cargo Flights Between the United States and Venezuela
The Maduro-era regime was described as having "blocked foreign nationals' access to departing flights" and engaging in "indefinite arbitrary detention on specious charges without consular access," which affects the operating environment for any foreign business Venezuela Travel Advisory March 19, 2026 - U.S. Embassy in Caracas
No licensing or registration regime for cryptocurrency businesses or virtual asset service providers exists in Venezuela Venezuela Travel Advisory | Travel.State.gov
No license types, categories, or classes of crypto licenses exist Travel Advisory: Venezuela - Level 4 (Do Not Travel)
No capital requirements or minimum capitalization amounts for crypto businesses in Venezuela exist Federal Register :: Rescission of the Suspension of All Direct Commercial Passenger and Cargo Flights Between the United States and Venezuela
No application process, timeline, or procedural steps for obtaining a crypto license in Venezuela exist Venezuela Travel Advisory March 19, 2026 - U.S. Embassy in Caracas
No Venezuelan entity has been licensed or registered for crypto activities Venezuela Travel Advisory | Travel.State.gov
No crypto licensing data is available Travel Advisory: Venezuela - Level 4 (Do Not Travel)
No customer due diligence (CDD), enhanced due diligence (EDD), or suspicious transaction reporting (STR) requirements for crypto businesses exist in Venezuela Venezuela Travel Advisory | Travel.State.gov
No record retention requirements, beneficial ownership rules, or Politically Exposed Person (PEP) screening obligations exist Travel Advisory: Venezuela - Level 4 (Do Not Travel)
The OSAC travel advisory notes widespread crime and kidnapping but does not address financial crime compliance or AML frameworks Travel Advisory: Venezuela - Level 4 (Do Not Travel)
The Federal Register document refers to Maduro facing "narco-terrorism, drug trafficking, and weapons charges" in the United States, but this does not constitute Venezuelan AML/KYC regulatory information Federal Register :: Rescission of the Suspension of All Direct Commercial Passenger and Cargo Flights Between the United States and Venezuela
No travel-rule threshold (e.g., $1,000 or €1,000) is specified for Venezuela Venezuela Travel Advisory March 19, 2026 - U.S. Embassy in Caracas
No enforcement actions, penalties, fines, or sanctions against crypto businesses in Venezuela exist Venezuela Travel Advisory | Travel.State.gov
The OSAC report describes general human rights abuses by the Maduro regime but does not document any crypto-specific enforcement cases Travel Advisory: Venezuela - Level 4 (Do Not Travel)
The Federal Register notice mentions the arrest of Nicolás Maduro and Cilia Flores on January 3, 2026, on U.S. narco-terrorism and drug trafficking charges, but this is not a crypto enforcement action Federal Register :: Rescission of the Suspension of All Direct Commercial Passenger and Cargo Flights Between the United States and Venezuela
No Venezuelan court cases, regulatory sanctions, or administrative penalties related to cryptocurrency or virtual assets exist Venezuela Travel Advisory March 19, 2026 - U.S. Embassy in Caracas
No tax guidance has been issued for virtual assets Venezuela Travel Advisory | Travel.State.gov
No information on income tax, capital gains tax, or VAT treatment of cryptocurrency transactions in Venezuela exists Travel Advisory: Venezuela - Level 4 (Do Not Travel)
No Venezuelan tax authority guidance, official bulletins, or legislative provisions on crypto taxation exist Federal Register :: Rescission of the Suspension of All Direct Commercial Passenger and Cargo Flights Between the United States and Venezuela
Available documents focus exclusively on travel safety, security conditions, and flight operations, with zero tax content Venezuela Travel Advisory March 19, 2026 - U.S. Embassy in Caracas
The most significant gap is the complete absence of any Venezuelan crypto travel-rule regulation, meaning no compliance framework exists that a business could follow Venezuela Travel Advisory | Travel.State.gov
The U.S. State Department's Level 4 advisory warns of "arrest and detention of U.S. citizens without due process or fair trial guarantees," creating extreme operational risk for any foreign-owned crypto business Venezuela Travel Advisory | Travel.State.gov
The Maduro regime was documented as engaging in "torture, extrajudicial killings, forced disappearances, and detentions without due process," indicating that any regulatory engagement with the prior government carried serious human rights risks Travel Advisory: Venezuela - Level 4 (Do Not Travel)
Infrastructure shortages of "gasoline, food, electricity, water, medicine, and medical supplies" make business continuity nearly impossible for any financial services operation Travel Advisory: Venezuela - Level 4 (Do Not Travel)
The CDC issued a Level 3 "Avoid Nonessential Travel" notice on September 30, 2021, due to inadequate healthcare and breakdown of medical infrastructure, affecting any in-person compliance obligations Travel Advisory: Venezuela - Level 4 (Do Not Travel)
The U.S. government has "limited ability to provide emergency services" to U.S. citizens in Venezuela, meaning no diplomatic backstop exists for business disputes Travel Advisory: Venezuela - Level 4 (Do Not Travel)
Colombian terrorist groups including the ELN, FARC-EP, and Segunda Marquetalia operate in Venezuela's border areas, creating sanctions and AML risk for any business with regional exposure Travel Advisory: Venezuela - Level 4 (Do Not Travel)
The FAA has issued flight prohibitions due to risks to civil aviation, making any business travel in or out of Venezuela difficult or impractical Travel Advisory: Venezuela - Level 4 (Do Not Travel)
Even the Federal Register's 2026 rescission of the flight suspension notes that DHS must conduct "individual airport assessments" before commercial flights resume, reflecting that infrastructure and security conditions remain uncertain Federal Register :: Rescission of the Suspension of All Direct Commercial Passenger and Cargo Flights Between the United States and Venezuela
The new interim government in Venezuela as of January 2026 may introduce entirely new crypto regulations, but no information on what those might be exists Federal Register :: Rescission of the Suspension of All Direct Commercial Passenger and Cargo Flights Between the United States and Venezuela
Venezuela Travel Advisory | Travel.State.gov
Travel Advisory: Venezuela - Level 4 (Do Not Travel)
Federal Register :: Rescission of the Suspension of All Direct Commercial Passenger and Cargo Flights Between the United States and Venezuela
Venezuela Travel Advisory March 19, 2026 - U.S. Embassy in Caracas
Tax Reporting
No verified facts yet. 35 unverified fact(s) in explorer
Custody Requirements
Custody regulation data collection in progress.
Stablecoin Regulation
No verified facts yet. 21 unverified fact(s) in explorer
Securities Classification
Venezuela has no dedicated cryptocurrency or digital asset securities law as of 2025; the nearest frameworks are the 2017 Superintendencia de las Instituciones del Sector Bancario (SUDEBAN) resolutions on financial technology and the 2018 Decree No. 3,196 creating the Petro (PTR), but neither established a functional licensing regime for private crypto securities. Venezuela presidency (in Spanish)
The Comisión Nacional de Telecomunicaciones (CONATEL) regulates telecommunications infrastructure only and has no statutory mandate over digital asset securities; no crypto securities regulator has been designated. Conatel - Conatel
No licensing or registration pathway exists for cryptocurrency exchanges, brokers, or digital asset securities issuers in Venezuela; zero entities have been licensed under any crypto-specific regime. Venezuela presidency (in Spanish)
Practical reality: crypto businesses operate in a legal gray zone, with the state-owned Petro (PTR) as the only state-sanctioned token, and private crypto securities are effectively unregulated and unlicensed. Reuters
The regulatory framework is fragmented across banking (BCV, SUDEBAN), securities (CNV), tax (SENIAT), and telecommunications (CONATEL) authorities, but no single body has issued comprehensive crypto securities rules, creating high legal risk for market entrants. Venezuela presidency (in Spanish)
As of 2025, there is no legal pathway to operate a cryptocurrency or digital asset securities business in Venezuela; any such activity is unauthorized and carries high legal risk.
The primary financial regulators for securities and banking are the Comisión Nacional de Valores (CNV) under the Ley del Mercado de Valores (Gaceta Oficial No. 38,843, 2007) and the Banco Central de Venezuela (BCV) with SUDEBAN as the banking supervisor; neither has issued regulations specifically governing cryptocurrency securities. Venezuela presidency (in Spanish)
CONATEL’s mandate is limited to telecommunications services, internet infrastructure, and domain management; it has no authority over financial securities. Conatel - Conatel
The 2018 Decree No. 3,196 (Petro) created a state-backed cryptoasset but did not extend a regulatory framework to private issuers or exchanges. Venezuela presidency (in Spanish)
Venezuela is not a member of the Financial Action Task Force (FATF) and has been subject to a FATF call for action since June 2022, highlighting strategic AML/CFT deficiencies; a subsequent call for action was issued in February 2024, reinforcing these deficiencies. Reuters
No primary legislation (law name, number, date, status) specific to crypto or digital asset securities has been published in the Gaceta Oficial; the only crypto-related decree is the Petro decree. Venezuela presidency (in Spanish)
No license type, application process, timeline, or structural requirements for cryptocurrency exchanges, digital asset brokers, or securities issuers exist in Venezuelan law. Venezuela presidency (in Spanish)
No capital requirements or monetary thresholds (in bolivars, USD, or EUR) for any crypto-related license have been established; no such requirements have been published in official registers to date. Reuters
The number of entities licensed to operate in crypto or digital asset securities in Venezuela is zero. Conatel - Conatel
The decision tree has been moved to the Practical Guidance section (see below).
No AML/KYC requirements specific to cryptocurrency or digital asset securities have been issued by SUDEBAN, CNV, or the financial intelligence unit (UNIF). Venezuela presidency (in Spanish)
FATF status: As noted in the Regulatory Framework section, Venezuela is not a FATF member and has been subject to a FATF call for action since June 2022, highlighting strategic AML/CFT deficiencies; entities should apply FATF Recommendation 15 (virtual assets) as best practice. Reuters
The only consumer protection measure referenced in official sources is CONATEL’s hotline (0800-CONATEL / 2662835) for verifying telecom operator authorization, which is unrelated to financial AML/KYC. Conatel - Conatel
No record-keeping durations, threshold amounts, or reporting formats for crypto transactions are prescribed in Venezuelan regulation. Reuters
No publicly reported enforcement actions against crypto securities entities have been identified in official sources as of [June 2025]. Conatel - Conatel
CONATEL’s reported activities are administrative (diagnostics, infrastructure planning) and do not include punitive measures against any entity. Conatel - Conatel
No case names, violation descriptions, outcomes, or dates of enforcement in the crypto space are cited in official sources. Venezuela presidency (in Spanish)
No tax guidance for virtual assets has been issued by the Servicio Nacional Integrado de Administración Aduanera y Tributaria (SENIAT). The Venezuelan Income Tax Law (Ley de Impuesto Sobre la Renta) and VAT Law (Ley de Impuesto al Valor Agregado) contain no provisions addressing cryptocurrencies. Venezuela presidency (in Spanish)
SENIAT has not published any resolution, administrative ruling, or decree on crypto taxation; silence implies general tax principles apply but creates uncertainty for compliance. Venezuela presidency (in Spanish)
No tax rates, thresholds, or reporting obligations specific to crypto transactions are mentioned in any official source. Reuters
The most significant gap is the complete absence of a designated crypto securities regulator; CNV and BCV/SUDEBAN oversee securities and banking but have not extended rules to digital asset securities, leaving a regulatory vacuum. Venezuela presidency (in Spanish)
No primary law, decree, or resolution governing cryptocurrency securities exists, meaning there is no legal certainty for issuers, exchanges, or investors. Venezuela presidency (in Spanish)
Businesses face the risk of operating without a license in a jurisdiction where no licensing pathway exists, creating exposure to discretionary state action. Conatel - Conatel
The lack of any AML/KYC framework for crypto means businesses cannot establish compliant protocols, exposing them to financial crime risk and potential international sanctions exposure. Reuters
Without tax guidance, businesses cannot determine liability; SENIAT’s silence leaves crypto gains in legal limbo. Venezuela presidency (in Spanish)
The mismatch between active state promotion of the Petro and the absence of a framework for private crypto securities represents an implementation gap; even if off-page laws exist, no enforcement or licensing activity is visible. Conatel - Conatel
As of 2025, there is no legal pathway to operate a cryptocurrency or digital asset securities business in Venezuela; any such activity is unauthorized and carries high legal risk.
Venezuela News | Today's Latest Stories | Reuters
O mercado secundário de valores mobiliários (Brazilian Secondary Securities Markets)
Sanctions & Restrictions
Sanctions data collection in progress.
Enforcement Actions
Regulator Name: Venezuelan Public Prosecutor's Office (Ministerio Público), National Anti-Corruption Police, Venezuelan Judicial System.
Entity Targeted: High-ranking officials from the state oil company PDVSA, the Superintendency of Cryptoassets (SUNACRIP), the Venezuelan Guayana Corporation (CVG), and associated private businessmen. Notably, Joselit Ramírez Camacho, the former head of SUNACRIP, was among those arrested. Violation Type: Corruption, embezzlement, illicit enrichment, money laundering, and treason. The scheme involved diverting billions of dollars in oil sales by conducting transactions outside official channels, often using cryptocurrencies and an parallel financial system to bypass sanctions and hide funds. Penalty Amount: The Public Prosecutor's Office initially reported the embezzlement of over $21 billion USD, though later estimates varied. Penalties include the arrest of over 60 individuals, confiscation of luxury assets (vehicles, real estate), and ongoing trials.
Date: Investigations and arrests began in March 2023 and are ongoing.
Outcome: A major political and economic scandal that led to a significant purge within the Venezuelan government and state-owned companies. SUNACRIP was effectively intervened and restructured, its functions curtailed, and its leadership entirely replaced. The scandal severely undermined trust in government-backed crypto initiatives and has had a chilling effect on the local crypto ecosystem, increasing regulatory uncertainty.
Source URL 1 (Reuters): https://www.reuters.com/world/americas/venezuela-arrests-head-state-oil-company-crypto-unit-amid-corruption-probe-2023-03-18/
Source URL 2 (Associated Press): https://apnews.com/article/venezuela-corruption-pdvsa-crypto-jose-nogueira-ramirez-e55c325c3f91c6e1e1272b157b853b92
Source URL 3 (BBC): https://www.bbc.com/news/world-latin-america-64998399
Regulator Name: Superintendencia Nacional de Criptoactivos y Actividades Conexas Venezolanas (SUNACRIP), often in coordination with the National Electric Corporation (CORPOELEC) and various law enforcement agencies (e.g., SEBIN, CICPC).
Entity Targeted: Individuals and businesses operating cryptocurrency mining farms or crypto exchanges without the required licenses, permits, and registration from SUNACRIP. This also often included those engaged in electricity theft to power mining operations. Violation Type: Operating illegal cryptocurrency mining farms, facilitating unregistered crypto transactions, non-compliance with SUNACRIP's regulatory framework, and in many cases, electricity theft. Penalty Amount: Seizure and confiscation of high-value mining equipment (ASIC miners, GPUs), shutdown of operations, and arrests of operators. Specific monetary fines, while stipulated in SUNACRIP regulations, were less frequently publicized compared to asset seizures.
Date: These types of enforcement actions were consistent throughout 2021 and 2022 and continued into early 2023, preceding the major PDVSA scandal.
Outcome: Forced compliance with the government's centralized crypto regulations, reduction of informal or illicit mining activities, and an attempt to consolidate control over all crypto-related economic activity within the state's purview. These actions contributed to a more controlled and less decentralized crypto environment in Venezuela.
Source URL 1 (Bitcoin.com News, reporting on SUNACRIP actions): https://news.bitcoin.com/venezuelan-crypto-regulator-cracks-down-on-unlicensed-miners/
Source URL 2 (Diario Versión Final - Local Venezuelan news, reporting on a specific confiscation): https://versionfinal.com.ve/sucesos/incautan-minadores-de-criptomonedas-en-zulia/ (Note: This is an example of a specific local report showing the type of action taken, as SUNACRIP often didn't issue press releases for every minor seizure.)
Source URL 3 (La Nación - Local Venezuelan news, another example of a crackdown): https://www.lanacionweb.com/sucesos/incautan-158-minadores-de-criptomonedas-en-san-antonio/
Research & Articles
Regulatory Forecast
high confidenceLikely enforcement action expected around 2026-10-16
Based on 77 historical regulatory events for Venezuela, averaging every 40 days, with increasing regulatory activity.
Recent Updates
US Sanctions: The Venezuelan government and many state-owned entities are subject to extensive US sanctions. Enga...
US Sanctions: The Venezuelan government and many state-owned entities are subject to extensive US sanctions. Engaging in transactions with sanctioned entities or individuals, even via crypto assets, could expose foreign businesses to secondary sanctions risks.
General Classification: Stablecoins are generally not explicitly categorized as "e-money," "payment tokens," or "...
General Classification: Stablecoins are generally not explicitly categorized as "e-money," "payment tokens," or "securities" in the precise terminology used by international financial regulators. Instead, they fall under the broad definition of "criptoactivo" (crypto-asset) or "activo virtual" (virtual asset) as defined by the Constituent Decree.
The Constituent Decree does not explicitly define specific reserve requirements for private stablecoin issuers. T...
The Constituent Decree does not explicitly define specific reserve requirements for private stablecoin issuers. The focus of the law is on licensing and control of activities rather than detailed prudential requirements for specific crypto-asset types like stablecoins.
Any private stablecoin issuer would need to present its operational model, including its backing mechanism, as part...
Any private stablecoin issuer would need to present its operational model, including its backing mechanism, as part of the licensing process with SUNACRIP, which would then evaluate its soundness. However, there are no predefined statutory ratios or asset types for reserves.
Mandatory Licensing: This is a cornerstone of Venezuela's crypto regulatory framework. The Constituent Decree m...
Mandatory Licensing: This is a cornerstone of Venezuela's crypto regulatory framework. The Constituent Decree mandates that any natural or legal person engaging in activities related to crypto-assets must obtain a license from SUNACRIP.
Redemption rights would primarily be governed by the terms and conditions set forth by the specific stablecoin issuer...
Redemption rights would primarily be governed by the terms and conditions set forth by the specific stablecoin issuer, as approved by SUNACRIP during the licensing process.
Venezuela's regulatory framework was established before the widespread discussion and specific concerns surrounding a...
Venezuela's regulatory framework was established before the widespread discussion and specific concerns surrounding algorithmic stablecoins (like Luna/UST). As such, there are no specific rules or prohibitions explicitly targeting algorithmic stablecoins.
Venezuela does not have a distinct "Central Bank Digital Currency (CBDC)" project in the conventional international s...
Venezuela does not have a distinct "Central Bank Digital Currency (CBDC)" project in the conventional international sense, separate from its existing state-backed digital asset.
The Petro (PTR) itself serves a similar function to what some countries might envision for a CBDC. It was launche...
The Petro (PTR) itself serves a similar function to what some countries might envision for a CBDC. It was launched with the aim of being a national digital currency, intended for payments, savings, and circumventing international sanctions. While pegged to commodities, its technical implementation and state backing position it as Venezuela's primary foray into state-issued digital money.
Past: Heavily influenced by the creation and promotion of its national cryptocurrency, the Petro, which aimed to ...
Past: Heavily influenced by the creation and promotion of its national cryptocurrency, the Petro, which aimed to circumvent sanctions and stabilize the economy. This led to a very centralized and controlled approach.
Present (Post-Petro): While the Petro is gone, the regulatory body and the legal framework for licensing and over...
Present (Post-Petro): While the Petro is gone, the regulatory body and the legal framework for licensing and overseeing private crypto activities (mining, exchanges, trading) persist. The focus is on regulating the industry, ensuring compliance with state requirements, and preventing illicit activities. It's not a ban on crypto, but it's far from a free-market approach.
State Oversight: The regulatory framework grants the state significant oversight over crypto activities, allowing...
State Oversight: The regulatory framework grants the state significant oversight over crypto activities, allowing it to intervene, audit, and impose sanctions.
Specific SUNACRIP Resolutions: SUNACRIP has issued resolutions that sometimes impose taxes on specific crypto-rel...
Specific SUNACRIP Resolutions: SUNACRIP has issued resolutions that sometimes impose taxes on specific crypto-related services. For example, SUNACRIP Resolution No. 008-2020 previously established a tax on commissions, interest, and other remuneration received for the use of crypto assets, which could range from 15% to 30% depending on the type of transaction (e.g., exchanges). Note: The applicability of specific past resolutions can change.
Enforcement: While laws exist, the actual enforcement of crypto-related taxes can be challenging for the authorit...
Enforcement: While laws exist, the actual enforcement of crypto-related taxes can be challenging for the authorities, given the decentralized nature of many cryptocurrencies. However, entities operating within the formal Venezuelan financial system or those registered with SUNACRIP are directly within the scope of enforcement.
Constitutional Law of the Integral System of Cryptoassets (Ley Constitucional del Sistema Integral de Criptoactivos...
Constitutional Law of the Integral System of Cryptoassets (Ley Constitucional del Sistema Integral de Criptoactivos): This foundational law, enacted in 2018, establishes the legal basis for cryptoassets, mining, exchanges, and other related activities, and grants SUNACRIP its regulatory powers.
Fines: Substantial monetary fines, which can vary based on the severity of the infraction and the VASP's size. Th...
Fines: Substantial monetary fines, which can vary based on the severity of the infraction and the VASP's size. These are often denominated in Petro (PTR), Venezuela's state-backed cryptocurrency, which can fluctuate in value relative to other currencies.
Article 57 of the Constitutional Law of the Integral System of Cryptoassets details penalties for operating witho...
Article 57 of the Constitutional Law of the Integral System of Cryptoassets details penalties for operating without authorization, fraudulent use, and other offenses, with fines ranging from 50 to 300 Petro and potential imprisonment. Providencia 094-2020 also refers to these penalties for AML/CFT violations.
Venezuela has no dedicated cryptocurrency or digital asset securities law as of 2025; the nearest frameworks are the ...
Venezuela has no dedicated cryptocurrency or digital asset securities law as of 2025; the nearest frameworks are the 2017 Superintendencia de las Instituciones del Sector Bancario (SUDEBAN) resolutions on financial technology and the 2018 Decree No. 3,196 creating the Petro (PTR), but neither established a functional licensing regime for private crypto securities. Venezuela presidency (in Spanish)
The regulatory framework is fragmented across banking (BCV, SUDEBAN), securities (CNV), tax (SENIAT), and telecommuni...
The regulatory framework is fragmented across banking (BCV, SUDEBAN), securities (CNV), tax (SENIAT), and telecommunications (CONATEL) authorities, but no single body has issued comprehensive crypto securities rules, creating high legal risk for market entrants. Venezuela presidency (in Spanish)
The primary financial regulators for securities and banking are the Comisión Nacional de Valores (CNV) under the Ley ...
The primary financial regulators for securities and banking are the Comisión Nacional de Valores (CNV) under the Ley del Mercado de Valores (Gaceta Oficial No. 38,843, 2007) and the Banco Central de Venezuela (BCV) with SUDEBAN as the banking supervisor; neither has issued regulations specifically governing cryptocurrency securities. Venezuela presidency (in Spanish)
The 2018 Decree No. 3,196 (Petro) created a state-backed cryptoasset but did not extend a regulatory framework to pri...
The 2018 Decree No. 3,196 (Petro) created a state-backed cryptoasset but did not extend a regulatory framework to private issuers or exchanges. Venezuela presidency (in Spanish)
Venezuela is not a member of the Financial Action Task Force (FATF) and has been subject to a FATF call for action si...
Venezuela is not a member of the Financial Action Task Force (FATF) and has been subject to a FATF call for action since June 2022, highlighting strategic AML/CFT deficiencies; a subsequent call for action was issued in February 2024, reinforcing these deficiencies. Reuters
No primary legislation (law name, number, date, status) specific to crypto or digital asset securities has been publi...
No primary legislation (law name, number, date, status) specific to crypto or digital asset securities has been published in the Gaceta Oficial; the only crypto-related decree is the Petro decree. Venezuela presidency (in Spanish)
No AML/KYC requirements specific to cryptocurrency or digital asset securities have been issued by SUDEBAN, CNV, or t...
No AML/KYC requirements specific to cryptocurrency or digital asset securities have been issued by SUDEBAN, CNV, or the financial intelligence unit (UNIF). Venezuela presidency (in Spanish)
FATF status: As noted in the Regulatory Framework section, Venezuela is not a FATF member and has been subject to a F...
FATF status: As noted in the Regulatory Framework section, Venezuela is not a FATF member and has been subject to a FATF call for action since June 2022, highlighting strategic AML/CFT deficiencies; entities should apply FATF Recommendation 15 (virtual assets) as best practice. Reuters
No case names, violation descriptions, outcomes, or dates of enforcement in the crypto space are cited in official so...
No case names, violation descriptions, outcomes, or dates of enforcement in the crypto space are cited in official sources. Venezuela presidency (in Spanish)
No tax guidance for virtual assets has been issued by the Servicio Nacional Integrado de Administración Aduanera y Tr...
No tax guidance for virtual assets has been issued by the Servicio Nacional Integrado de Administración Aduanera y Tributaria (SENIAT). The Venezuelan Income Tax Law (Ley de Impuesto Sobre la Renta) and VAT Law (Ley de Impuesto al Valor Agregado) contain no provisions addressing cryptocurrencies. Venezuela presidency (in Spanish)
SENIAT has not published any resolution, administrative ruling, or decree on crypto taxation; silence implies general...
SENIAT has not published any resolution, administrative ruling, or decree on crypto taxation; silence implies general tax principles apply but creates uncertainty for compliance. Venezuela presidency (in Spanish)
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