#USCryptoWeek In Venezuela, the use of cryptocurrencies is legal, although they are not considered legal tender. This means you can use cryptocurrencies for transactions and they are subject to tax obligations, but businesses are not required to accept them as a means of payment. Venezuela has issued regulations for the use of crypto assets.

Not legal tender:

Although you can use cryptocurrencies for transactions and they are subject to taxes, they do not have the same mandatory status as the Venezuelan Bolívar.

Regulation:

Venezuela has issued regulations for the use of cryptocurrencies, including the creation of SUNACRIP.

SUNACRIP:

The National Superintendency of Crypto Assets and Related Activities is the entity responsible for regulating the sector and supervising activities related to cryptocurrencies in Venezuela.

Tax obligations:

Transactions with cryptocurrencies are subject to taxes, as established by the Law on Tax on Large Financial Transactions.

Exchange platforms:

There are cryptocurrency exchange platforms operating in Venezuela, such as Binance, and others that facilitate the exchange between cryptocurrencies and bolívares.

Adoption:

The adoption of cryptocurrencies in Venezuela has grown, and there have been use cases in the financial and commercial sectors.