Regulation of the cryptocurrency market is constantly becoming stricter. Nowadays jurisdictions impose high regulatory and risk management requirements on virtual asset service providers.
Despite this, we always manage to find a solution that suits the client. All the time our team provides research of the market and regulations on various markets to find the best jurisdiction. Recently we have made the global overview of the VASP regulation in the Latam Countries and are ready to share information with our future and existing clients. Today we will look at the features of obtaining a cryptocurrency license in Venezuela.
The law regulating the activities of VASPs
VASP regulator
SUNACRIP
Activities included in VASP services
There are different types of licences depending on the activity the entity intends to carry out. Activities related – either directly or by connection – to cryptoassets are subject to prior authorisation, and individuals and corporations conducting them are subject to registration.
Licences available for activities related to crypto assets mining:
- Import License
- Hosting and Use License
- Commercialization License
- Manufacturing and Assembly License
- Internet Service Authorization
- Technical Service Certificate.
In 2021, SUNACRIP published a regulation on the General Conditions for the Operation of Exchange Houses in the Integrated Crypto Asset System. This norm governs all legal entities that wish to provide Exchange House services as a platform that provides the infrastructure for secondary trading (Ex: P2P) of Cryptoassets in Venezuela. This licence will be one year long and may be renewed through the SUNACRIP.
The operating licence for the Exchange shall contain the following aspects:
- Identification of the Administrative License as an Operating Licence for the Exchange.
- Integral Registry of Crypto Assets Services (RISEC) Registry Number.
- Modality of use of the Operating License for the Exchange.
- Duration of the Operating License for the Exchange.
- Express reference to the General Conditions of the Operating Licences for the Exchange established in these General Conditions.
- Attributes that it contains and attributes that may be incorporated after its granting.
- QR Code.
Liability provided for the activities of a VASP without local registration
Article 42 of the SIC establishes a fine of up to 300 petros ($60 per petro according to the official rate) to any individual or legal entity that carries out activities related to the creation, issuance, establishment, management, operation, and use of cryptoassets or sovereign cryptoassets, including mining, without the due authorization of the governing entity or without complying with any of the formalities required by the applicable regulations.
Article 47 of the same law enables the fines and penalties described therein to be paid in any cryptoasset or bolivar, as determined by SUNACRIP.
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Manimama Law Firm provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.
The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.
