Jamaica vs Venezuela
Crypto regulation comparison
Jamaica
Venezuela
No Regulation
Legal
Jamaica has no specific cryptocurrency legislation. The Bank of Jamaica does not regulate or endorse crypto but has not banned it. Jamaica launched its own CBDC, JAM-DEX, in 2022 through the National Commercial Bank. Crypto exists in a legal gray area with no dedicated framework.
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
Unclear
Tax Type
Income
Tax Rate
N/A
Tax Rate
Up to 34%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
BOJ (Bank of Jamaica), FSC
Regulator
SUNACRIP (Superintendencia Nacional de Criptoactivos)
Stablecoin Rules
BOJ launched JAM-DEX CBDC; no private stablecoin regulation
Stablecoin Rules
Government launched Petro (PTR) state crypto (discontinued); SUNACRIP regulated stablecoins
Key Points
- No specific cryptocurrency legislation or regulatory framework
- BOJ does not recognize crypto as legal tender but has not banned it
- Jamaica launched the JAM-DEX CBDC in 2022
- FSC Jamaica has not issued specific guidance on crypto asset regulation
- Tax treatment of crypto gains is unclear due to lack of specific guidance
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%