In 2018, Venezuela was one of the first countries in Latin America to create its own Superintendencia Nacional de Criptoactivos (Sunacrip). March 2023
According to the presidential decree of September 19, President Nicolás Maduro ordered the extension of the mandatory restructuring period of Sunacrip. The new extension officially began on September 17 and will continue until March 24, 2024.
Sunacrip closed in March 2023 after the government announced a restructuring following a corruption scandal under its previous leadership. At least 10 people were arrested at the time, including Joselit Ramirez Camacho, who headed the cryptocurrency department in 2018. According to Venezuelan prosecutors, Ramirez stole more than $3 million from the government while in Sunaripe. He oversaw the country's cryptocurrency regulation and the introduction of Venezuela's national cryptocurrency, the Petro, linked to oil reserves.
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The regulator's shutdown has caused turmoil in Venezuela's cryptocurrency industry, which is closely tied to the state and uses digital assets to evade U.S. economic sanctions. Cryptocurrency mining has been banned in several states and some cryptocurrency exchanges have been ordered to cease operations.
Sunacrip was created by the Venezuelan government in 2018 to investigate all cryptocurrency-related business activities and the "creation, issuance, transfer, marketing and exchange" of all cryptocurrencies in the country.
In 2018, the country launched an oil-backed petroleum cryptocurrency. There are reports that the government intends to withdraw the funds in the summer of 2023. However, the official website is still up and running as of this writing.
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