Media: Venezuela to tighten oversight of Bitcoin transactions

The Venezuelan National Superintendency for Cryptoactives and Related Activities (Sunacrip) plans to strengthen oversight of transactions involving digital currencies, according to an internal document cited by Bitcoin Insider.

Thus, the agency aims to combat suspicious operations conducted via unauthorized cryptocurrency exchanges and fintech platforms.

The decree also envisions incorporating various FATF directives into Sunacrip’s workflows to identify money-laundering and terrorist-financing schemes.

According to media reports, the document has already been signed by Sunacrip head Hoselit Ramirez. The investigation into the activities of unauthorized platforms has been assigned to Venezuela’s National Financial Intelligence Group. Clients of such companies could face fines of $15,000, the publication added.

Experts do not rule out that the new rules could affect major crypto exchanges, such as Binance, which are not registered in Venezuela. To avoid sanctions, residents will have to switch to less popular platforms.

As of writing, the document is unavailable. It has also not been published in official media, which is a required procedure for documents of this kind.

Earlier, the Venezuelan government approved a new tax on transactions using digital and foreign currencies.

As reported earlier, the head of Sunacrip Hoselit Ramirez has been on the U.S. sanctions list since spring 2020 as one of the most-wanted criminals. Alongside other senior Venezuelan officials, including President Nicolás Maduro, he is accused of running a “narco-terrorist partnership.” A $5 million reward has been announced for information on Ramirez’s whereabouts.

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