Creating The Superintendence Of Venezuelan Criptocurrencies (Criptoactivos) and Related Venezuelan Activities (SUPCACVEN)

On April 9, 2018, the SUPCACVEN superintendence of cryptoactives and related Venezuelan activities was created in order to regulate the cryptoactives.

Decree No 3.355 creating the Superintendence of the Venezuelan Cryptocurrencies (criptoactivos) and Related Venezuelan Activities (SUPCACVEN) was published in the Extraordinary Official Gazette of the Bolivarian Republic of Venezuela N° 6.371 dated April 9, 2018. Below a summary of the purpose and most relevant provisions of the Decree:

1. SUPCACVEN is enabled to regulate all the activities related to the cryptocurrencies carried out by Venezuelan persons, and to coordinate and control the commercialization, circulation and possession of the Venezuelan cryptocurrencies.
2. To this end, SUPCACVEN will keep a Registry of the miners, virtual exchange houses, and any other entities dedicated to the saving and virtual intermediation of cryptocurrencies. Additionally, SUPCACVEN will have, among other functions, the oversight of brokering, negotiation and exchange activities of Venezuelan cryptocurrencies, granting permits to perform operations and negotiations of cryptocurrencies, imposing sanctions and issuing precautionary measures in the exercise of their functions.
3. The creation of the Registry System of virtual miners, virtual change houses and other entities dedicated to saving and virtual intermediation of cryptocurrencies [in Venezuela] and those who carry out direct and related activities with cryptocurrencies and their negotiation in the national and international market will also be carried out. Any person who wishes to carry out the activities described above must register.

This Legal Report presents a general description of the most relevant aspects of the Decree No 3.355 and does not constitute a legal opinion directed to attend a specific situation. In case of any doubt, comment, or to obtain further information, please contact us through our website www.interjuris.com.

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