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   154

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.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   107

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.
 

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.
 

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.