Venezuela
AI Agent Legal Status: restrictive · Autonomy: none
Legal Framework
Venezuela launched the Petro (PTR) state cryptocurrency in 2018 and created SUNACRIP as the crypto regulator. The Petro was largely unsuccessful. SUNACRIP regulates crypto mining and exchanges. Heavy government control over economic activity and foreign exchange. No AI-specific legislation. International sanctions from the US and EU severely limit cross-border operations.
Key Laws & Regulations
- ◆Decreto Constituyente sobre Criptoactivos (2018)
- ◆SUNACRIP regulations on crypto exchanges and mining
- ◆Ley de Infogobierno - electronic government and data
Business Formation
Compañía Anónima (C.A.) is the standard structure. Extreme bureaucratic hurdles and government oversight. Foreign investment heavily restricted. Capital controls and multiple exchange rates. Practically non-functional for autonomous AI operations.
Tax Implications
Hyperinflationary environment makes tax calculations unpredictable. Corporate tax exists but real burden varies wildly. Foreign exchange controls restrict capital movement. SUNACRIP imposes fees on crypto transactions. International sanctions limit banking access.
Opportunities
Population highly crypto-literate out of necessity. Massive unmet demand for digital financial services. Future political transition could unlock significant pent-up market potential.
Highlights
Early mover on state-backed cryptocurrency (Petro), though largely unsuccessful. SUNACRIP regulator provides some crypto framework. Population heavily using crypto for remittances and economic survival.
Risks & Challenges
Severe economic crisis with hyperinflation. International sanctions limiting business operations. Government expropriation risk. Unreliable infrastructure (electricity, internet). Capital controls preventing fund repatriation. Political instability.