Venezuela Compliance Report

Generated 2026-09-22

Comprehensive Framework

Regulatory Overview

Regulatory Status: Dedicated crypto/VA legislation, licensing regime, active enforcement
Key Regulator(s): Central Bank of Venezuela
Primary Legislation: Original decree that established the Petro and the initial framework, Ley Constitucional del Sistema Criptoactivo de Venezuela, Law on Financial Institutions
Travel Rule: Adopted — Threshold: $1,000
Tax Reporting: SUNACRIP Official Website: https://www.sunacrip.gob.ve/. SENIAT Official Website: http://www.seniat.gob.ve/. Profits realized from the sale or exchange of cryptocurrencies for fiat currency (Bolívares, USD, etc.) or other goods/services are generally considered capital gains.. These gains are typically subject to the standard progressive individual income tax rates as per the Income Tax Law (Ley de Impuesto Sobre La Renta - LISLR).. Current Individual Income Tax Rates (as of recent public information, subject to change): These rates range from 6% to 34% depending on the taxable income bracket.

Key Facts

aml Adopted: While Venezuela does not explicitly use the term "Travel Rule" in its legislation, the principles underlying the FATF Travel Rule – primarily the identification of both the originator and beneficiary of a virtual asset transfer – are incorporated into its broader AML/CFT framework for cryptoassets. Spirit vs. Letter: The Venezuelan framework emphasizes robust Know Your Customer (KYC) and Customer Due Diligence (CDD) for all users of regulated crypto services, and mandates reporting of suspicious transactions. This addresses the spirit of identifying parties to transactions, but the specific mechanism of inter-VASP information exchange for all transactions above a threshold is less clearly articulated compared to other jurisdictions directly adopting the FATF guidance. FATF Status: Venezuela has been under increased monitoring by the FATF due to strategic deficiencies in its AML/CFT regime. While it has made commitments to address these deficiencies, its overall compliance and effectiveness are still under scrutiny. This means that while regulations exist on paper, their practical implementation and alignment with global standards can be inconsistent. Constitutional Law of the Integral System of Cryptoassets (Ley Constitucional del Sistema Integral de Criptoactivos): This foundational law, enacted in 2018, establishes the legal basis for cryptoassets, mining, exchanges, and other related activities, and grants SUNACRIP its regulatory powers. Link (Spanish): Gaceta Oficial Extraordinaria N° 6.370 - Ley Constitucional del Sistema Integral de Criptoactivos (Note: May need to search for the specific Gaceta Oficial number for the most direct link, as these are sometimes paywalled or moved). SUNACRIP Providencias (Administrative Orders): SUNACRIP issues specific administrative orders that detail the implementation of the Constitutional Law. Providencia N° 094-2020 (dated October 16, 2020): This is a key regulation that establishes the "General Rules of Prevention and Control of Money Laundering, Financing of Terrorism and Proliferation of Weapons of Mass Destruction, Applicable to Virtual Asset Service Providers (VASPs) and Users of the National Cryptoasset System." This providencia is crucial for AML/CFT compliance in the crypto sector. Effective Date: October 16, 2020.
enforcement Regulator Name: Venezuelan Public Prosecutor's Office (Ministerio Público), National Anti-Corruption Police, Venezuelan Judicial System. Entity Targeted: High-ranking officials from the state oil company PDVSA, the Superintendency of Cryptoassets (SUNACRIP), the Venezuelan Guayana Corporation (CVG), and associated private businessmen. Notably, Joselit Ramírez Camacho, the former head of SUNACRIP, was among those arrested. Violation Type: Corruption, embezzlement, illicit enrichment, money laundering, and treason. The scheme involved diverting billions of dollars in oil sales by conducting transactions outside official channels, often using cryptocurrencies and an parallel financial system to bypass sanctions and hide funds. Penalty Amount: The Public Prosecutor's Office initially reported the embezzlement of over $21 billion USD, though later estimates varied. Penalties include the arrest of over 60 individuals, confiscation of luxury assets (vehicles, real estate), and ongoing trials. Date: Investigations and arrests began in March 2023 and are ongoing. Outcome: A major political and economic scandal that led to a significant purge within the Venezuelan government and state-owned companies. SUNACRIP was effectively intervened and restructured, its functions curtailed, and its leadership entirely replaced. The scandal severely undermined trust in government-backed crypto initiatives and has had a chilling effect on the local crypto ecosystem, increasing regulatory uncertainty. Source URL 1 (Reuters): https://www.reuters.com/world/americas/venezuela-arrests-head-state-oil-company-crypto-unit-amid-corruption-probe-2023-03-18/ Source URL 2 (Associated Press): https://apnews.com/article/venezuela-corruption-pdvsa-crypto-jose-nogueira-ramirez-e55c325c3f91c6e1e1272b157b853b92 Source URL 3 (BBC): https://www.bbc.com/news/world-latin-america-64998399 Regulator Name: Superintendencia Nacional de Criptoactivos y Actividades Conexas Venezolanas (SUNACRIP), often in coordination with the National Electric Corporation (CORPOELEC) and various law enforcement agencies (e.g., SEBIN, CICPC).
licensing Requirement: Any natural or legal person intending to carry out activities related to crypto assets in Venezuela, including providing services that would encompass custody, must register with SUNACRIP and obtain the corresponding license. The law does not define a separate "custody license" but rather general licenses for "providers of cryptoactive services." Decreto Constituyente sobre el Sistema Criptoactivo Venezolano (Constituent Decree on the Venezuelan Cryptoactive System), published in Gaceta Oficial Extraordinaria N° 6.370 on April 9, 2018. Article 3 broadly defines "cryptoactive activities" and establishes SUNACRIP as the governing body. Article 5 mandates that the exercise of any cryptoactive activity requires prior authorization from SUNACRIP. Article 11 discusses the powers of SUNACRIP to regulate, supervise, and authorize cryptoactive activities and providers. SUNACRIP Resolutions: Subsequent resolutions detail the requirements for different types of crypto service providers. For instance, Resolution N° 006-2020 (Normas que regulan la Prestación de Servicios de Intercambio de Criptoactivos y Casas de Intercambio de Criptoactivos, published in Gaceta Oficial N° 41.905 on June 18, 2020) outlines requirements for crypto exchange houses, which inherently perform custody functions. These requirements typically include: Legal entity establishment and registration in Venezuela. Minimum capital requirements (which vary by license type, e.g., for exchange houses).
securities Venezuela has no dedicated cryptocurrency or digital asset securities law as of 2025; the nearest frameworks are the 2017 Superintendencia de las Instituciones del Sector Bancario (SUDEBAN) resolutions on financial technology and the 2018 Decree No. 3,196 creating the Petro (PTR), but neither established a functional licensing regime for private crypto securities. Venezuela presidency (in Spanish) The Comisión Nacional de Telecomunicaciones (CONATEL) regulates telecommunications infrastructure only and has no statutory mandate over digital asset securities; no crypto securities regulator has been designated. Conatel - Conatel No licensing or registration pathway exists for cryptocurrency exchanges, brokers, or digital asset securities issuers in Venezuela; zero entities have been licensed under any crypto-specific regime. Venezuela presidency (in Spanish) Practical reality: crypto businesses operate in a legal gray zone, with the state-owned Petro (PTR) as the only state-sanctioned token, and private crypto securities are effectively unregulated and unlicensed. Reuters The regulatory framework is fragmented across banking (BCV, SUDEBAN), securities (CNV), tax (SENIAT), and telecommunications (CONATEL) authorities, but no single body has issued comprehensive crypto securities rules, creating high legal risk for market entrants. Venezuela presidency (in Spanish) The primary financial regulators for securities and banking are the Comisión Nacional de Valores (CNV) under the Ley del Mercado de Valores (Gaceta Oficial No. 38,843, 2007) and the Banco Central de Venezuela (BCV) with SUDEBAN as the banking supervisor; neither has issued regulations specifically governing cryptocurrency securities. Venezuela presidency (in Spanish) CONATEL’s mandate is limited to telecommunications services, internet infrastructure, and domain management; it has no authority over financial securities. Conatel - Conatel The 2018 Decree No. 3,196 (Petro) created a state-backed cryptoasset but did not extend a regulatory framework to private issuers or exchanges. Venezuela presidency (in Spanish)
stablecoin Legislation Reference: Decreto Constituyente sobre el Sistema Criptoactivo Integral (Official Gazette link, though direct government links can sometimes be unstable, this is the original publication.) Regulatory Body: Superintendencia Nacional de Criptoactivos y Actividades Conexas (SUNACRIP) General Classification: Stablecoins are generally not explicitly categorized as "e-money," "payment tokens," or "securities" in the precise terminology used by international financial regulators. Instead, they fall under the broad definition of "criptoactivo" (crypto-asset) or "activo virtual" (virtual asset) as defined by the Constituent Decree. Article 3 of the Decree defines "Criptoactivo" as "any representation of value that is expressed in units of value or cryptographically protected data, used for the execution of financial, commercial, or other operations, and which is not issued or guaranteed by a central bank or public authority, and is not physically represented in legal tender." While stablecoins aim to be stable, their underlying technology and issuance methods place them firmly within SUNACRIP's purview as a crypto-asset. Implication: This broad classification means any stablecoin operating in Venezuela, regardless of its specific peg or mechanism, is subject to the general crypto-asset regulations, particularly licensing requirements. For the state-backed Petro, its "reserve" is theoretically a basket of Venezuelan commodities (oil, gold, iron, diamonds), though its actual backing and convertibility have been subjects of considerable debate and lack transparency. Any private stablecoin issuer would need to present its operational model, including its backing mechanism, as part of the licensing process with SUNACRIP, which would then evaluate its soundness. However, there are no predefined statutory ratios or asset types for reserves.
status The Venezuelan government has yet to establish a comprehensive regulatory framework specifically targeting cryptocurrencies and digital assets, leaving the market largely unregulated. This regulatory vacuum creates significant risks for both domestic and international investors, including potential financial instability and exposure to illicit activities such as money laundering and terrorism financing. Existing regulatory references are primarily focused on traditional financial instruments, with limited direct applicability to digital assets. Despite calls for increased oversight from international bodies and domestic stakeholders, there is no concrete action plan in place as of late 2023. Current Landscape: Venezuela’s regulatory environment for cryptocurrencies remains ambiguous, with no specific legislation or guidelines issued by the Central Bank of Venezuela (BCV) or other relevant authorities. Existing References: The Ley de Instituciones Financieras (Law on Financial Institutions) and the Decreto 3570 del Gobierno Federal (Decree 3570 of the Federal Government) address general financial activities but do not explicitly cover digital currencies. Absence of Licensing: No licenses are currently required for the issuance, trading, or service provision related to cryptocurrencies within Venezuela. Proposed Measures: Some stakeholders have suggested that a licensing regime could be introduced, but no official proposal has been circulated by the government.
tax SUNACRIP Official Website: https://www.sunacrip.gob.ve/ SENIAT Official Website: http://www.seniat.gob.ve/ Profits realized from the sale or exchange of cryptocurrencies for fiat currency (Bolívares, USD, etc.) or other goods/services are generally considered capital gains. These gains are typically subject to the standard progressive individual income tax rates as per the Income Tax Law (Ley de Impuesto Sobre La Renta - LISLR). Current Individual Income Tax Rates (as of recent public information, subject to change): These rates range from 6% to 34% depending on the taxable income bracket. Taxable Event: A capital gain arises when a cryptocurrency is disposed of (sold, traded, used to purchase goods/services) for a value higher than its acquisition cost. Valuation: Gains are typically calculated in Bolívares, often by converting the cryptocurrency's value at the official exchange rate published by the Central Bank of Venezuela (BCV) or other rates specified by SUNACRIP/SENIAT at the time of the transaction. Companies that trade, hold, or mine cryptocurrencies, and realize profits from these activities, are subject to corporate income tax on those profits.
travel rule Venezuela does not have a specific legal framework implementing FATF-style travel-rule requirements for cryptocurrency and virtual asset transfers as of 2025–2026 Venezuela Travel Advisory | Travel.State.gov No named Venezuelan regulator has issued travel-rule-specific guidance, licensing, or registration obligations for virtual asset service providers (VASPs) Travel Advisory: Venezuela - Level 4 (Do Not Travel) No Venezuelan entity has received a crypto license or registration under any travel-rule framework Federal Register :: Rescission of the Suspension of All Direct Commercial Passenger and Cargo Flights Between the United States and Venezuela No monetary thresholds, license types, or application procedures for crypto travel-rule compliance exist Venezuela Travel Advisory March 19, 2026 - U.S. Embassy in Caracas No Venezuelan cryptocurrency regulation exists; a business seeking travel-rule compliance cannot rely on any known framework for legal guidance Venezuela Travel Advisory | Travel.State.gov The U.S. Department of State has issued a Level 4 "Do Not Travel" advisory for Venezuela, citing crime, civil unrest, poor health infrastructure, kidnapping, and arbitrary detention of U.S. citizens Venezuela Travel Advisory | Travel.State.gov The U.S. Embassy in Caracas suspended all consular services on March 11, 2019, and remains closed as of the latest travel advisory updates Travel Advisory: Venezuela - Level 4 (Do Not Travel) The OSAC report notes that the U.S. government has "limited ability to provide emergency services" to U.S. citizens in Venezuela, reflecting the breakdown of normal diplomatic and regulatory channels Travel Advisory: Venezuela - Level 4 (Do Not Travel)

Sources

This report is AI-generated from publicly available regulatory sources. Last updated: 2026-09-10. View full profile