Sunacrip, the Venezuelan cryptocurrency watchdog, has recently published a new set of AML/KYC requirements for VASPs (Virtual Asset Service Providers) that establishes new and updated rules about the kind of information these providers must require and share with the Venezuelan government, raising alarms in the cryptocurrency community about what the government could do with this data.
Venezuelan Crypto Watchdog Sunacrip Strengthens KYC/AML Requirements for VASPs
Last week, the Superintendence of Crypto Assets and Linked Activities of Venezuela (Sunacrip), quietly published a new set of rules that aim to tighten the KYC/AML requirements this institution requires from Virtual Asset Service Providers that offer these services on Venezuelan soil.
The new norm, published in the National Gazette under the title:
Rules relating to the administration and inspection of the risks related to the legitimation of equity, terrorism financing, and the financing of proliferation of weapons of mass destruction, applicable to virtual assets service providers and the people and entities providing products and services through activities involving virtual assets in the integral system of crypto assets.
It defines a set of new rules aimed to get detailed information about people and institutions using the services of VASPs in the country.
At its core, the rule defines VASP’s in a ample way, and includes custody services and wallet providers, this meaning that every wallet provider should abide by it. These VASP’s would have to name a compliance officer to define a plan to minimize money laundering risks and report directly to Sunacrip.
Also, the rule establishes that every transaction with a value of over 1,000 EUR should be transmitted immediately, along with the ID’s of both sender and receiver of the funds,
