Venezuela

Restricted

Criptoactivo (Cryptoasset) · Bespoke · #13 global adoption

ExchangesMinersRemittance providersIssuers

Comprehensive framework Approved · 2018 CASP / VASP regime Approved · 2018 Licensing Approved · 2018 AML / CFT Approved · 2018 Stablecoins Unregulated · Unregulated CBDC N/A Consumer protection Unregulated Travel rule — Advertising rules — Taxation Taxed

Summary

Venezuela built a bespoke, heavily state-controlled crypto regime via the Constituent Law on Cryptoassets (2018) and the regulator SUNACRIP, alongside the state-backed Petro token. The Petro was shut down in January 2024 after a corruption scandal that also triggered the suspension and reorganization of SUNACRIP. Crypto use by individuals continues (Venezuela ranked 13th in Chainalysis's 2024 adoption index), but mining and exchange operations require SUNACRIP licensing and many were halted. SENIAT taxes crypto gains under the Income Tax Law (ISLR), and the Large Financial Transactions Tax (IGTF) applies up to 20% to non-bolivar crypto payments.

Timeline

2018: Constituent Law on Cryptoassets creates SUNACRIP and the Petro. 2021: Banco Central announces a 'digital bolivar' (a redenomination, not a true CBDC). 2023: SUNACRIP placed under reorganization amid a corruption scandal; exchanges and miners ordered to halt. Jan 2024: Petro officially shut down. 2024-2025: SENIAT/SUNACRIP intensify tax enforcement using exchange KYC data.