Libya vs Venezuela
Crypto regulation comparison
Libya
Venezuela
Banned
Legal
Libya has a restrictive stance on cryptocurrency. The Central Bank of Libya has warned against crypto use. Political instability and a divided government complicate any regulatory development.
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
None
Tax Type
Income
Tax Rate
N/A
Tax Rate
Up to 34%
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
Central Bank of Libya
Regulator
SUNACRIP (Superintendencia Nacional de Criptoactivos)
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
Government launched Petro (PTR) state crypto (discontinued); SUNACRIP regulated stablecoins
Key Points
- Central Bank of Libya has warned against cryptocurrency use
- No specific cryptocurrency legislation
- Political instability limits regulatory development
- Crypto used informally despite restrictions
- No licensed crypto exchanges operate
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%