Venezuela to Start Crypto Remittances Regulation

As reported, watchdog has set a monthly limit and will be collecting commissions of up to 15%
11 February 2019   406

The national regulator of cryptocurrency and related activities (Sunacrip) of Venezuela announced new requirements for cryptocurrency transfers. This is reported by Bitcoin.com.

The requirements and procedures for the sending and receiving of remittances in crypto assets to natural persons in the territory of the Bolivarian Republic of Venezuela. The sender of the remittances referred to in this ruling is obliged to pay a financial commission in favor of Sunacrip up to a maximum amount of 15% calculated on the total of the remittance.
 

New Decree

According to the resolution, Sunacrip can now set limits on the size of cryptocurrency transfers, set cryptocurrency prices in a sovereign bolivar, determine tariffs and request data from senders and recipients involved in transactions.

The monthly restriction on sending cryptocurrency payments is set in the government cryptocurrency of Venezuela and is 10 Petro (PTR), which is "equivalent to $ 600 per month in accordance with PTR quotes". Any excess of this amount will require regulatory approval, which can raise the bar to 50 PTR ($ 3,000).

Representatives of the local cryptocurrency community called the new requirements absurd, while noting that the authorities are trying to centralize technology created with completely different prerequisites.

Hacked Zaif Exchange to Resume Operations

It was hacked in September last year,  about $60 million in cryptocurrency was stolen from its platform
22 April 2019   102

Japanese cryptocurrency exchange Zaif announced that it will complete the transition from the Tech Bureau to the Fisco Digital Asset Group (FDAG) on April 22 and resume normal operation the next day, Cointelegraph reportes.

In September last year, the exchange underwent a hacker attack when about $ 60 million in cryptocurrency was stolen from its platform, including Bitcoins, Bitcoin Cash and Monacoin. As part of the compensation plan to users, FDAG exchange acquired a large stake in Zaif business and transferred to the Tech Bureau over $ 44.6 million.

According to an earlier announcement of the exchange, 40% of the lost funds will be compensated to users by Fiat, and the remaining 60% - to the cryptocurrency, which will be available for withdrawal on April 23.