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13 May 2021

Venezuelan Crypto Regulator Sunacrip Strengthens AML/KYC Requirements for Virtual Asset Service Providers – News Bitcoin News

Venezuelan Crypto Regulator Sunacrip Strengthens AML/KYC Requirements for Virtual Asset Service Providers – News Bitcoin News


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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.

While this new rule has raises some concerns across the numerous Venezuelan cryptocurrency community that uses these instruments as a refuge against inflation, most are skeptic about the real capacity of the government to enforce it through its channels.

Further, wallet providers are unable to get KYC info from their users, so to comply with these rules, they would have to change the way they enroll users and ask for the personal information of recipients when moving funds.

However, Velasquez also thinks this new rule set is an invitation for traditional companies like banks, that already comply with these regulations, to enter the cryptocurrency world by becoming VASPs under this law?

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