The regulations that will govern the Comprehensive Crypto Assets System of Venezuela were published on Thursday, January 31 in Official Gazette No. 41,575.
This constituent decree establishes the Structure of the Integral System of Crypto Assets, the Registration System, Inspection and Inspection Procedure, Infractions and Sanctions, Digital Procedure of Initiation, Substantiation and Termination.
According to the Official Gazette, dated January 31, this Constituent Decree will allow to create and define the regulatory framework applicable to the Integral System of Crypto Assets, to advance in achieving economic sovereignty, the productive and social development of Venezuela, within the framework of the Program of Economic Recovery, Growth and Prosperity.
The provisions of this Constituent Decree are of public order and will prevail in their application over those contained in other laws, even of their same rank, when they regulate areas related to the object of the same, insofar as they contradict or collide with its application.
The scope of application of this Constituent Decree includes the goods, services, values or activities related to the constitution, issuance, organization, operation and use of sovereign Crypto Assets, within the national territory, as well as the purchase, sale, use, distribution and exchange of any product or service derived from them and other related activities.
This Constitutional Decree has a liberating character for the Venezuelan people and is based on principles of inclusion, promotion and financial innovation, inter-institutional cooperation, universality, protection of users, common good, co-responsibility.
In addition to the preservation of financial stability, prevention of illicit operations, technological security and simplification of administrative procedures, integrity, sovereignty, immunity, competition, transparency, social responsibility and public ethics.
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