Venezuelan President Nicolas Maduro Proposes Retaking the ‘Crypto Path’

September 3, 2024 Bitcoin.com

Venezuela extends reorganization shutdown of crypto agency to March 2024

September 26, 2023 Coin Telegraph

The government will spend six additional months to ‘reorganize” the entity, which de-facto stopped its work in March 2023.

Venezuela was one of the first Latin American countries to establish its own crypto oversight body, the National Superintendency of Crypto Assets (Sunacrip). Now, the government says it will take six extra months to ‘reorganize” the entity, which de-facto stopped its work in March 2023.

According to the presidential decree, published on Sept 19, the head of State, Nicolás Maduro, ordered the extension of the period of forced reorganization of Sunacrip for another semester. The period of the new extension officially started on Sept. 17 and will last until March 24, 2024.

Sunacrip was closed in March 2023, when the government announced its reorganization due to the corruption scandal involving its former top management. At the time at least ten people were arrested, including Joselit Ramirez Camacho, who led the crypto department from its inception in 2018. According to Venezuelan prosecutors, Ramirez stole more than $3 million from the state during his time at Sunacrip. He was in charge of overseeing the crypto regulation in the country, as well as the implementation of Venezuelan national cryptocurrency tied to oil reserves, Petro.

The shutdown of the regulatory body led to chaos in the Venezuelan crypto industry, firmly tied to the state, which has been using digital assets to evade the U.S. financial sanctions — crypto mining facilities in several states were shut down, and some crypto exchanges were ordered to cease operations.

Sunacrip was established by the Venezuelan government in 2018 to inspect the entirety of crypto-related commercial activities in the country and the “creation, emission, transfer, commercialization and exchange” of all crypto actives.

In 2018, the country launched the oil-backed cryptocurrency Petro. By the summer of 2023, there were reports that the government planned to liquidate the currency, however, its official webpage is still functioning at time of publication.

Venezuela shuts down crypto mining facilities, exchanges amid corruption probe

March 25, 2023 Coin Telegraph

Coin Telegraph

According to Venezuela's attorney general office, government officials were running parallel oil operations with the assistance of the national crypto department.

Venezuela's energy supplier has shut down crypto mining facilities throughout the country as part of a reorganization of the national crypto department and ongoing corruption investigations involving the country's oil company.

According to local media reports, crypto mining companies, and tweets from Venezuela's National Association of Cryptocurrencies, mining facilities were shut down in the past days in the states of Lara, Carabobo and Bolívar. It is unclear how many crypto firms were affected. Some crypto exchanges were also ordered to cease operations.

#ULTIMAHORA se confirma que fue solicitado el apagado de las granjas de mineria digital en el Estado Bolívar. Consideramos esta un medida arbitraria, qué va en contra de los intereses de la industria privada.
— Asonacrip (Asociación Nacional de Criptomonedas) (@AsonacripVe) March 25, 2023

The closure of crypto mining facilities is believed to be part of an ongoing investigation of corruption involving Venezuela's oil company PDVSA and the country's crypto department.

Comunicado relacionado a los recientes cortes de servicio eléctrico experimentados en todas las infraestructuras de hashrate del país

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Announcement related to the recent power cuts in all Venezuelan hashrate infrastructures. pic.twitter.com/V4IRlLUL0r
— Doctorminer® (@doctorminer_) March 24, 2023

Venezuela's attorney general Tarek William Saab disclosed on March 25 that government officials were allegedly running parallel oil operations with the assistance of the national crypto department. Saab noted on Twitter:

"This network used a conglomerate of commercial companies to legitimize the capital obtained from sales through the acquisition of crypto-assets, personal and real estate."

According to Saab, at least 10 people have been arrested in connection with the investigations, including Joselit Ramirez Camacho who led the crypto department since its inception in 2018 overseeing crypto tax rules and the country's cryptocurrency Petro. According to earlier reports, Camacho was arrested on March 17 during the course of the investigation.

Tarek William Saab: El primer caso que queremos exponer se refiere a una nueva trama de corrupción en Pdvsa, la número 31, que incluye esta vez a la Superintendencia Nacional de Criptoactivos (Sunacrip)
— Ministerio Público venezolano (@MinpublicoVEN) March 25, 2023

Since June 2020, Camacho has been listed in the United States Most Wanted List. At the time, the Homeland Security Investigations issued a bounty for up to $5 million for any information that would lead to the capture of Petro’s supervisor. Authorities alleged that Ramirez had “deep political, social and economic ties” to suspected narcotic kingpins, including Tareck El Aissami, the former vice president of Venezuela.

Venezuela’s president Nicolás Maduro announced the reorganization of the National Superintendency of Crypto Assets in a decree issued on March 17. Maduro’s administration claimed the decision was intended to protect the country’s citizens from the negative effects of economic sanctions, among other reasons.

Magazine: Best and worst countries for crypto taxes — plus crypto tax tips

Venezuela overhauls national crypto department

March 19, 2023 Coin Telegraph

Coin Telegraph

A new board will lead the reorganization, headed by Anabel Pereira Fernández. The new team excludes Joselit Ramirez, who led the department since its inception in 2018.

Venezuela's president Nicolás Maduro has announced the reorganization of the National Superintendency of Crypto Assets, known as Sunacrip in Spanish, according to a decree issued on March 17.

A new board will lead the reorganization, headed by Anabel Pereira Fernández, a lawyer who served as president of the Fondo de Garantía de Depositos y Protección Bancaria (FOGADE), the Venezuelan version of the United States Federal Deposit Insurance Corp. (FDIC). Among the other directors are Héctor Andrés Obregón Pérez, Luis Alberto Pérez González, and Julio César Mora Sánchez.

Without providing any further details or specific reasons for the reorganization, the decree says the board will plan the next steps for the crypto department. Maduro's administration claims the move is intended to protect the country's citizens from the negative effects of economic sanctions, among other reasons.

A continuación publicamos la Gaceta Oficial Extraordinaria donde se crea la Junta Reestructuradora de la Sunacrip. https://t.co/au7uiaU7LB
— Asonacrip (Asociación Nacional de Criptomonedas) (@AsonacripVe) March 18, 2023

The new board structure leaves out Joselit Ramirez, who led the department since its inception in 2018. Ramirez was reportedly arrested on March 17 on corruption charges, according to Venezuela's local media. As of writing, Cointelegraph has not been able to confirm the information. Ramirez oversaw crypto tax rules and the country's cryptocurrency Petro.

In June 2020, the U.S. added Ramirez to its Most Wanted List. The Homeland Security Investigations branch of the U.S. Immigration and Customs Enforcement agency issued a bounty for up to $5 million for any information that would lead to the capture of Petro’s supervisor.

At the time, authorities alleged that Ramirez had “deep political, social and economic ties” to suspected narcotic kingpins, including Tareck El Aissami, former vice President of Venezuela.

Ramirez's bounty was the smallest among the alleged co-conspirators, with the U.S. government offering $15 million for the capture of the country's head Nicolás Maduro. Several other high ranking officials, including El Aissami, face $10 million bounties.