Venezuela to restructure its crypto department

by Arthur · March 20, 2023

Nicolas Maduro, the President of Venezuela, has decided to restructure and reorient the National Superintendency of Crypto Assets. The decree was issued in March this year.

The reorganization of the crypto-asset department will be led by the new board, headed by Anabel Pereira Fernandez, a lawyer who has served as president of the Fondo de Garantia de Depositos y Proteccion Bancarai (FOGADE).

FOGADE is the Venezuelan equivalent of the United States Federal Deposit Insurance Corp. Other project directors were Hector Andres Obregon Perez, Julio Cesar, Luis Alberto Perez Gonzalez and Mora Sanchez.

According to the decree issued on March 17, the board is set to plan upcoming steps for the crypto department.

This move comes after the Venezuelan president wanted to take actionable steps to ensure the safety of the country’s citizens from all the negative consequences of the economic sanctions imposed by the United States on Venezuela in 2014 for its alleged history of human rights abuses, corruption and the erosion of its democratic institutions.

The decree mentioned that the board would plan its next steps for the crypto division, Sunacrip, in Spanish. The order has not yet provided additional information about the items included in the reorganization.

The crypto overhaul leaves out Joselit Ramirez

The crypto overhaul will not include Joselit Ramirez, who had previously led the department since its creation. Joselit Ramirez was arrested on March 17 based on corruption charges, according to Venezuela’s local media sources.

According to reports, Joselit Ramirez had been responsible for overseeing crypto tax rules and the country’s cryptocurrency, the Petro.

Joselit Ramirez was added to the most wanted list in June 2020. The Homeland Security Investigations division of the United States Immigration and Customs Enforcement Agency had offered a reward of close to $5 million in exchange for information leading to Ramirez’s capture.

Authorities alleged that Ramirez had political, social and financial ties to a suspected drug ring. Ramirez and former Venezuelan Vice President Tareck El Aissami were also linked to the alleged drug kingpin.

The US government had offered $15 million for the arrest of the country’s President Maduro. Ramirez’s reward was low among the other conspirators. El Aissami and other high-ranking officials were exposed to a $10 million bounty.