The South American country of Venezuela has passed a new crypto bill which will establish a legal framework for the entire industry. According to Gaceta Official, the official media outlet of the Venezuelan government, the bill officially came into force on January 31.
Venezuela’s new bill is titled “Constituent Decree on the Integral System of Crypto Assets” and contains 63 articles establishing the legal framework for the crypto industry. The bill also provides legal definitions of key terms such as blockchain, mining, crypto assets, etc.
The set of rules regulating miners, cryptocurrency traders and entrepreneurs dates back further than the current bill, as it was initially approved by the Constituent National Assembly back in November 2018.
The bill also introduces a relatively new concept to the industry – a sovereign crypto asset. According to the official definition, it is classified as any currency issued in Venezuela and authorized by the government. A new set of obligatory licenses for mining operations and cryptocurrency exchanges was also introduced in the bill, alongside fines for various activities the government deems “illegal” or “unlicensed.”
Sunacrip, a national crypto watchdog established in 2018, will be able to control “creation, emission, transfer, commercialization and exchange” of all crypto actives within Venezuela.