The recent crypto events in Venezuela, especially for crypto regulators, did not seem favorable. The country witnessed events that were not digital asset friendly. The regulators reportedly shut down some crypto exchanges and mining farms. This move comes in between when an anti-corruption investigation led to an arrest, resignation, and a national scandal.
Crypto Regulation Situation in Venezuela
According to a recent Decrypt report, after the arrest of the Head of the Venezuelan Cryptocurrency Authority, Sunacrip, Joselit Ramirez, the situation looks quite unfavorable for crypto investors. Meanwhile, the restructuring of crypto regulation ordered by President Nicolas Maduro has already raised tension for crypto investors.
The new Superintendent of Cryptoassets also seems unhappy with the development in the country’s crypto market. Thus ordered, the shutdown of all cryptocurrency exchanges registered with Venezuela’s National Superintendency of Cryptoassets “Sunacrip.”
These recent happenings in the country have not been officially confirmed. At the same time, Venezuela’s National Association of Cryptocurrencies said in the report that such actions are taking place as the country advances an anti-corruption investigation that has so far cut off the proverbial heads of Joselit Ramirez along with his political protector Tareck el Aissami, the Minister of Energy and Petroleum.
According to the report, Jose Angel Alvarez, Asonacrip President, said, “We believe that private companies should not be blamed for what is happening inside the regulatory body and that we should promote the full activation of all cryptocurrency operations (in the country).”
Alvarez added, “we are preparing a list of propositions to be delivered soon to Sunacrip and Dr. Anabel Pereira.” Notably, Pereira is the new Head of Sunacrip.
“Indeed, at the beginning of the week in the state of Carabobo, all the farms were ordered to stop, which concerns us as a community since some affiliates are being affected by the measure,” Alvarez said.
Furthermore, the registered crypto exchange with Sunacrip, Cryptobuyer Venezuela, shared a recent tweet that clarified the entire crypto community in the country.
According to a national media report, the rest of the other crypto exchanges in the country “have not reported their status, nor when they will resume their activities. Some platforms operating in Venezuela with the authorization of the regulatory body are Criptoactivos Amberes Coin, Asesoría Financiera IO, CriptoEx, CriptoVen Trade, Digital Factoring, Venecrip, and the state-owned Plataforma Patria.”
Sunacrip has not yet provided details on their investigations and proceedings underway either. At the beginning of this week, several cryptocurrency wallet users, PetroApp, reported that they could not process the pending transactions. Meanwhile, this could be part of the restructuring process of Sunacrip. This process will have six months that can be extended according to the regulations.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/25/crypto-regulation-in-venezuela-gets-reordered-slammed-report/