Crypto News

Venezuela’s Crypto Department Set for Reform: What Lies Ahead?

Venezuelan President Nicolas Maduro has decided to restructure and reorient the National Superintendency of Crypto

In a bid to safeguard the country’s citizens from the negative impacts of economic sanctions imposed by the US, Venezuelan President Nicolas Maduro has decided to restructure and reorient the National Superintendency of Crypto Assets. The decree, issued in March 2023, has set the wheels in motion for the reorganization of the crypto asset department, which will be headed by a new board, led by Anabel Pereira Fernandez.

Anabel Pereira Fernandez, a lawyer who previously served as president of the Fondo de Garantia de Depositos y Proteccion Bancarai (FOGADE), will spearhead the reorganization efforts. Other project directors include Hector Andres Obregon Perez, Julio Cesar, Luis Alberto Perez Gonzalez, and Mora Sanchez.

The board has been tasked with scheduling upcoming steps for the crypto department, Sunacrip, in Spanish. The order, however, did not provide further information about the elements included in the reorganization.

The crypto overhaul, however, does not include Joselit Ramirez, who had previously headed the department since its establishment. Ramirez was arrested on March 17 based on corruption charges. Reports suggest that Ramirez had been responsible for overseeing the crypto tax rules and the country’s cryptocurrency, Petro.

Ramirez was added to the Most Wanted List in June 2020, with the United States Homeland Security Investigations division offering a reward of close to $5 million for information leading to his capture. Ramirez and former Venezuelan vice president Tareck El Aissami were connected to an alleged drug lord, with authorities claiming Ramirez had political, social, and economic ties to the racket.

The move to restructure the crypto department is seen as an effort by the Venezuelan government to boost its cryptocurrency market while complying with international regulations. With the reorganization efforts now underway, it remains to be seen what changes will be implemented to bolster Venezuela’s crypto sector.


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