Venezuela’s trade volumes best record high in Crypto Regulations Commence


The people of Venezuela have been pushed into the low-level economic status in recent days. This is a reason why the Venezuelan people lost their hope in government-issued fiat currency. They can easily adopt new cryptocurrency, peer-to-peer trading platforms such as Localbitcoins and Paxful.

Increased Bitcoin Trading Volume

In localbitcoins Venezuela grows steadily on Feb 9 they trade 2,485 coins and previous week they trade 2,004 coins. The Paxful peer to peer marketplace has 74.66 increased there trade the daily transaction detail is 61,534.

New Crypto Rules Enter into Venezuela

The Gazette is an official journal or newspaper to all country. Venezuela’s constituent has been published the 63 rule in Gazette. The rule contains purchase, sale, distribution, and exchange of cryptocurrencies. It is also mandatory for all trader to registered their detail.

The 63 articles are divided into six sections.

The first section has a 1 to 5 article which describes general information about the declaration objectives and scope of application. It also defines blockchain, digital mining, crypto asset, and price.

The second section explains the “structure of the Integral System of Crypto Assets” in articles 6 to 28.

The third section introduces rules for the new registration system in articles 29 to 33.

The fourth details the audit and inspection procedures in articles 34 to 41.

The articles 42 to 51 make up the fifth section which discusses offenses and penalties. whereas,

The articles 52 to 63 are seen in the last section which mostly describes administrative procedures.

Sunacrip crypto in charge

The National Superintendency of Crypto Assets and Related Activities (Sunacrip), the regulator of all crypto activities in Venezuela, announced on Friday. This judgment acting regulation was published in the country’s Official Gazette No. 41.581.