Venezuela

Venezuela: The Central Bank issued new regulations regarding legal reserve

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In brief On 19 January 2020, the Central Bank of Venezuela (BCV) issued new rules on the constitution of legal reserves of banking institutions ("Resolution").1  The...

Venezuela: The Securities Authority authorizes the decentralized stock exchange based on DeFi technologies

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The Office of the National Superintendent of Securities (SUNAVAL) has authorized the Decentralized Stock Exchange of Venezuela, S.A. (BDVE) to act as a decentralized stock exchange as of 19 January 2021 ("Guidelines"),1 after the trial period of 90 days under Guidelines No. 146.

Venezuela: Banking authority prohibits credit operations from using foreign currency without authorization from this...

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On 21 January 2021, the Office of the National Superintendent for Banking Sector Institutions (SUDEBAN) issued a notice that prohibits banking institutions from carrying out credit operations using foreign currency, without prior authorization from SUDEBAN and the Central Bank of Venezuela ("BCV") ("Notice").1

Venezuela: New rules on the extended liability of producers, importers and distributors of containers,...

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In brief The Ministry of Popular Power for Ecosocialism ("Ministry") issued Resolution No. 0191 ("Resolution")1, by which it established the rules on the extended liability...

Venezuela: Carabobo state fixed the new value of the State Tax Amount (ITE) in...

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The Governor of the Carabobo state issued Decree No. 1,557 ("Decree"),[1] whereby it set the value of the Special Tax Amount ("ITE") in 0.00015 Petros ("PTR"), which will have as reference the value of the Sovereign Crypto asset Petro. [2]  That equals to VES 8,833.41. [3] The previous value, set on 27 July 2020, was VES 1,500.00.[4]  The ITE must be paid in its equivalent only in VES, according to the final value of the immediately preceding business day indicated by the Central Bank of Venezuela.The Decree entered into force on 1 December 2020.

Latin America: Offshore Cheat Sheet: How to Navigate LatAm’s New Regulatory Minefield

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As Latin American countries continue to struggle with the impact of the pandemic, new regulations are helping to shape the region's economies. The new...

Venezuela: The Central Bank of Venezuela suspended banking products and services that facilitate the...

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On October 9, 2020, the Central Bank of Venezuela (“CBV”) ordered the suspension of products and services offered by universal and microfinance banks that facilitate the payment in foreign currencies for goods and services in Venezuelan (“Notice”).1  

Venezuela: The Central Bank of Venezuela suspended banking products and services that facilitate the...

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In brief On October 9, 2020, the Central Bank of Venezuela (“CBV”) ordered the suspension of products and services offered by universal and microfinance banks...

Venezuela: The National Superintendence of Cryptoassets and Related Activities (SUNACRIP) issued the rules applicable...

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On 1 September 1 2020, the National Superintendence of Cryptoassets and Related Activities (“SUNACRIP”) issued Administrative Guidelines No. 057-2020, which established the requirements and procedures for delivering and receiving cryptoassets remittances to individuals in Venezuela (“Guidelines”)1

Venezuela: COVID-19 – The banking authority issued temporary measures regarding evaluation of banking credit...

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On September 15, 2020, the Office of the Superintendent of Banking Sector Institutions (“SUDEBAN”) issued Resolution No. 041.20, which established temporary measures for evaluating credit portfolios, the creation of provisions in risk categories, the execution of guarantees and special conditions for credits granted before the entry into force of the Decree No. 4.1681 of March 23, 2020 (“Resolution”).2 The Resolution entered into force on September 15, 2020.
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