Barbados vs Venezuela
Crypto regulation comparison
Barbados
Venezuela
Legal
Legal
Barbados has a favorable environment for cryptocurrency. With no income or capital gains tax, crypto activities are not specifically taxed. The Financial Services Commission oversees financial markets. Barbados has been exploring blockchain for government services.
Venezuela has a unique crypto history. The government launched the Petro (PTR) state cryptocurrency in 2018, backed by oil reserves, though it was widely considered a failure and discontinued. SUNACRIP regulates crypto activities and has licensed mining operations. Venezuelans have high crypto adoption due to hyperinflation, with USDT widely used as a de facto currency. Crypto mining requires a SUNACRIP license.
Tax Type
No tax
Tax Type
Income
Tax Rate
0%
Tax Rate
Up to 34%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Central Bank of Barbados, Financial Services Commission
Regulator
SUNACRIP (Superintendencia Nacional de Criptoactivos)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Government launched Petro (PTR) state crypto (discontinued); SUNACRIP regulated stablecoins
Key Points
- No income tax or capital gains tax applies to crypto
- Financial Services Commission provides general oversight of financial markets
- Government has explored blockchain for land registry and identity services
- Crypto businesses operate under general financial services regulations
- Growing fintech sector with interest in digital asset innovation
Key Points
- SUNACRIP regulates crypto exchanges, mining, and service providers
- Government-backed Petro cryptocurrency launched in 2018, largely discontinued
- Crypto mining requires SUNACRIP license and registration
- Very high crypto adoption driven by hyperinflation; USDT widely used
- Income from crypto subject to progressive tax rates up to 34%