🔖Use of Cryptoassets

State Policy

Our country has adopted the massive use of cryptoassets as a state policy

As reflected in national cryptoasset legislation.

In this sense, the widespread use of cryptoassets in the public sector is essential to contribute to national economic development.

Adaptation of Internal Regulations of Entities and Organizations

Legal Basis: "Article 11. State entities and bodies, within one hundred and twenty (120) days following the publication of this Constituent Decree, must adapt their regulations to incorporate cryptoassets into their operating scheme."

Promotion and Guarantee of Use

Legal Basis: "Article 9. The Venezuelan state will promote, protect, and guarantee the use of cryptocurrencies as means of payment in public institutions, private companies, mixed or joint ventures, within and outside the national territory."

Constituent Decree on Cryptoassets and the Sovereign Petro Cryptocurrency. Official Gazette of the Bolivarian Republic of Venezuela No. 6,370 Extraordinary, dated April 9, 2018.

This function of cryptoassets is also ratified through Administrative Ruling No. 012-2019, issued by the National Superintendence of Cryptoassets and Related Activities (SUNACRIP), dated March 29, 2019, which regulates the operation of Exchange Houses in the Comprehensive Cryptoasset System, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 41,609, dated April 3, 2019. Article 3 of this ruling establishes the following: "Article 3: For the purposes of this ruling, the following concepts are understood: Cryptoasset, cryptocurrency, or cryptodivisa: It is a digital asset that is primarily used as a medium of exchange, which uses cryptography to provide security for its transactions, control the creation of new units, and verify its transfer, within the security database system under which they operate and by virtue of which payment tracking and verification is carried out (blockchain). Cryptoassets can fulfill functions such as means of value transfer, means of payment, property storage of value, and programming of smart contracts, among others."

Administrative Resolution No. 012-2019, issued by the National Superintendence of Cryptoassets and Related Activities (SUNACRIP) on March 29, 2019, which regulates the operation of Exchange Houses in the Comprehensive System of Cryptoassets, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 41.609, dated April 3, 2019.

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