ACCOUNTING RECORD OF ECONOMIC EVENTS AND TRANSACTIONS STATED IN CRYPTOASSETS

 

A Ruling that Regulates the Recording in the Accounts of Economic Events and Transactions Stated in Cryptoassets, issued by the National Superintendence of Cryptoassets and Connected Activities (Superintendencia Nacional de Criptoactivos y Actividades Conexas – SUNACRIP) was published in Official Gazette No. 41.788 of December 26, 2019 (the “Ruling”). The Ruling established the parameters for presentation of financial information, restatement of accounting records of economic events and transactions in Cryptoassets.

The Ruling will be applicable to the public and private, natural and legal persons that are under the obligation to keep accounting records in the territory of the Bolivarian Republic of Venezuela. Said natural and legal persons must comply with the dual presentation of the accounting, which has to be stated in both Sovereign Cryptoassets and legal currency, that is, Bolívares Soberanos.

The entities in charge of regulating the accounting parameters must issue the relevant rules on the basis of the Ruling and in coordination with the SUNACRIP. Also, it will be applied by the entity in charge of the technical guidance in the area of accounting of the public sector.

The technical rules applicable to the accounting records of transactions with Cryptoassets will be those issued by the Federation of Associations of Public Accountants of the Bolivarian Republic of Venezuela, after being authorized by the SUNACRIP.

The provisions of the Ruling will be applied to the economic years beginning as of January 1, 2020.

 

The Ruling became effective upon publication in the Official Gazette.

In order to access the Decree, please click here.

Should you have any question or comment or require further information, please contact the partner in charge of your account via e-mail.