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Venezuela May Limit Fresh Crypto Exchange Launches

Venezuela’s government may stir to restrict the number of cryptocurrency exchanges that will be able to operate domestically.

According to a ten-page manual published last week spil part of a set of releases related to the country’s newly-launched cryptocurrency, the Petro, spil few spil eight exchanges may be originally approved to operate te the market.

The document, released on Feb. 20, details the requirements by which local crypto exchanges vereiste operate. It suggests that the cap will exist at the outset, under the auspices of Venezuela’s cryptocurrency superintendency, before going on to say that the government may modify the limit after the very first 90 days of the exchanges’ operations.

Sources with skill of the ongoing process ter Venezuela say that the cap may be more limitary te practice.

According to Daniel Arraez of BlinkTrade, the government may restrict the number of permitted exchanges to less than that figure. BlinkTrade, which offers open-source software for bitcoin exchanges, is applying to operate under the fresh petro licensing staatsbestel.

Arraez said that the switch te regulation could present a significant market chance, but only if the exchanges are see-through and perceived spil legitimate by the Venezuelan people. Speaking to CoinDesk, Arraez struck an optimistic tone about his rock-hard’s prospects.

“Wij feel the current regulation switch is a positive switch,” he remarked, adding:

“Wij’re already ter conversations to operate spil soon spil possible if wij feel the market is going to be safe and wij can get operational ensures to safeguard our customers funds and safety.”

It remains to be seen how many exchanges launch te Venezuela within its freshly minted regulatory framework. Likewise, it’s not clear which exchanges are te active talks with the Maduro government, however a report by regional news source Panorama on Feb. 21 quoted Maduro spil telling that 36 of “the main cryptocurrency exchange houses te the world” are working with the government there.

Still, the document offers a window into the Venezuelan government’s thinking on exchange oversight and how it might build an ecosystem around its cryptocurrency.

Editor’s Note: This article has bot amended to juist a quote.

The leader ter blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a rigorous set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests te cryptocurrencies and blockchain startups.

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