⚖️Legal Basis
Legal Principles
Of Crypto Assets
The regulations in Venezuela establish a legal framework for the circulation, administration, and management of crypto assets in the country. Additionally, it creates the Superintendency of Crypto Assets and Related Activities, responsible for regulating and supervising the crypto asset market in Venezuela.
Constituent Decree on Crypto Assets and the Sovereign Cryptocurrency Petro. Dated April 9, 2018, published in the Official Gazette of the Bolivarian Republic of Venezuela Extraordinary No. 6.370.
Constituent Decree on the Comprehensive Crypto Assets System, dated January 30, 2019, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 41.575.
Provision regulating the Comprehensive Crypto Assets Services Registry (RISEC), dated February 4, 2019, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 41.578.
Regarding Savings Banks Sector
Partial Reform of the Law on Savings Banks, Savings Funds, and Similar Savings Associations was published in Official Gazette No. 39.553, on November 16, 2010.
Purpose
The Law aims to establish and regulate the constitution, organization, and operation of savings banks, savings funds, and similar savings associations.
Objective
The Law's objective is to recognize the right of all workers, whether for a fixed or indefinite period, including public sector, private sector employees, non-dependent workers, retirees, or pensioners, as well as societal organizations, to develop associations that establish mechanisms to encourage both systematic and non-systematic savings, regardless of the contributor's capacity, social condition, labor activity, means of development, salary, income, and rents of the associates. In the public sector, this includes workers and employees, irrespective of their legal nature, serving the public administration across all branches of the national, state, or municipal public power, whether central or decentralized.
Applicability
The administration, oversight, and management of savings banks, savings funds, and similar savings associations cannot be delegated or transferred to financial institutions, agents, brokers, or other administrative entities in the public or private sectors.
Legal Basis
It is the responsibility of the Superintendency of Savings Banks to determine the nature of operations conducted by an association or legal entity to establish if it falls under the regime of the Law.
Special Reserve under the Sovereign Savings Plan
The Ministry of People's Power for Economy and Finance issued Provision No. SCA-PAN-003-2018 to regulate the Special Reserve within the framework of the Sovereign Savings Plan, which is mandatory for Savings Banks, Savings Funds, and similar Savings Associations registered with the Superintendency of Savings Banks. These entities must create a Special Reserve equivalent to twenty percent (20%) of the available assets of their members by acquiring Sovereign Gold Savings Bonds.
Furthermore, it established the maintenance of the Special Reserve regardless of the maturity of the Bonds or any other financial instruments that may arise within the framework of the state’s financial and economic policy. Ministry of People's Power for Economy and Finance.
Lastly, the Superintendency of Savings Banks, in coordination with the National Executive’s policies and with the aim of contributing to the economic, social, and familial development of the members' savings, will continue to encourage investments in areas such as:
Cryptocurrencies (investment in Petro);
Agriculture (investment in crops and distribution among members);
Transportation (transport service cooperatives).
This is in order to fulfill the state’s plan for Promotion, Encouragement, and Economic Prosperity, which involves developing guidelines, agreements, and evaluations to ensure the success of the initiatives and that the products or services are of high quality, affordable, and relevant.
Other Regulations:
Constitution of the Bolivarian Republic of Venezuela
Civil Code
Commercial Code
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