In depth
Venezuelan legislation allows the custody and exchange of cryptoassets, different from those created by the National Executive and widely used in the country for commercial operations.
Recently, in accordance with Article 11 of the Constituent Decree on the Comprehensive Cryptocurrency System, new authorizations have been granted to legal entities to operate as cryptocurrency exchangers and custodians. These authorizations allow for the exchange and custody of cryptoassets. Exchanges can be made in fiat currency, depending on the user's needs.
Authorized operators must comply with the provisions of Ruling No. 044-2021, which sets out strict rules on digital security, user identification, transaction reporting and the prevention of money laundering. These regulations seek to ensure transparency and security in the use of cryptoassets within the country.
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