The National Assembly of Venezuela's Decree No. 4,0251 is a normative instrument that, together with the Constitutional Decree on the Integral Cryptoasset System and the Procedural Order that regulates the Integral Registry of Cryptoasset Services (RISEC), which complements the regulatory framework that was issued in Venezuela with regard to cryptoassets.
Such Decree No. 4,025 is aimed to bind individuals, natural or legal, public or private, to the accounting record of information in Sovereign Cryptoassets, without prejudice to the records that must be made in bolvares, as applicable.
In that sense, all persons must register their operations denominated in Sovereign Cryptoassets, in addition to the ordinary accounting entry they shall also record their operations in bolvares.
For this purpose, the National Superintendence of Cryptoassets and Related Activities (SUNACRIP) will dictate the special regulations that establish the terms and conditions under which these records will be made in Sovereign Cryptoassets.