Venezuelan President Nicolás Maduro issued a decree on March 17 announcing the reorganization of the National Crypto Asset Regulator (Sunacrip in Spanish). A new board of directors will lead the reorganization, led by lawyer Anabel Pereira Fernández, who previously served as president of the Venezuelan Deposit Guarantee Fund and Bank Guarantees (FOGADE), the country’s version of the U.S. Federal Deposit Insurance Corporation (FDIC).

The decree did not provide any further details or specific reasons for the reorganization, but said the board would plan the next steps for the crypto unit.

Maduro's government claimed the move was to protect the country's citizens from the negative effects of economic sanctions. The new board structure excludes Joselit Ramirez, who had led the unit since its creation in 2018.

According to local media in Venezuela, Ramirez was arrested on corruption charges on March 17. (Cointelegraph)