This December 26, the lawyer and crypto enthusiast, Ana Ojeda, better known in the networks as CriptolawyerHe reported that several Venezuelan banks suspended accounts of users to trade cryptocurrencies.
According to Ojeda, his law firm “Legalrocks” processed, from the end of 2021 to the course of 2022, close to 75 cases of natural and legal persons to which several Venezuelan banks they suspended their accounts while carrying out “investigations” on the mobilization of funds that came from the sale and purchase of cryptocurrencies.
Between the major banks that have suspended their clients’ accounts for being linked to the use of cryptocurrencies are, Banesco, Mercantile and Bank of Venezuela.
The lawyer Held that many of these merchants use stable currencies such as the USDT dollar and other cryptocurrencies to carry out their transactions, due to the limitations of operating with the fiat currency of the country “the bolivar”.
Because of that, his law firm published a legal opinion to help all those users who “be suspended or investigated.” for making transactions in cryptocurrencies.
The use and trade of cryptocurrencies is legal in Venezuela but it has its nuances
As Criptolawyer explained, the use and trade of cryptocurrencies in Venezuela It has legal rank due to its regularization established “in the Constituent Decree on the Comprehensive System of Cryptoactives and related activities, issued by the National Constituent Assembly.”
In an interview for MorocotacoinOjeda pointed out that banks cannot suspend, block or hinder access to customer accounts for exchanging crypto to fiat (bolívares or dollars) or vice versa, “unless there is an investigation or strong enough indications that the client’s account is being used to receive illicit funds.”
Only in case of extreme suspicion “the bank can suspend and give office to National Financial Intelligence Unit (UNIF), that is, to its compliance department and then to UNIF. By the fact that a user says that he uses, trades or that the money he received is the product of crypto assets, the bank cannot suspend your account for that individual”, explained CriptoLawyer.
How to avoid the suspension of your account?
According to Criptolawyer, the users who trade cryptocurrencies must comply with RISEC registry (Comprehensive Registry of Cryptoactives) to avoid the suspension and blocking of accounts.
This record can be requested by banking entities to confirm the origin or destination of the funds of customers who transact with cryptocurrencies.
Therefore, although the use of cryptocurrencies in Venezuela is legal, there are several regulations that must be followed to protect yourself as a merchant, and avoid any arbitrary measures by banks in Venezuela.
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