The Office of Foreign Assets Control (OFAC) has just taken a step that many describe as historic: companies operating in the oil, gas, petrochemical, mining, and telecommunications sectors in Venezuela will no longer be required to govern their contracts under the laws of a U.S. state. The measure, announced on August 27, comes after legal reforms that the Nicolás Maduro government has pushed for since January to attract foreign investment. But beware: not everything is relaxation. Cryptocurrencies remain off the table.
📊 What exactly changed?
The OFAC modified General Licenses 46D and 47B, among others, to remove the requirement that contracts be interpreted in accordance with the laws of a U.S. state. Now, the parties can agree that Venezuelan law will govern their agreements. This is a direct nod to the reforms driven by Caracas, which seek to offer greater legal assurances to international investors.
However, P2P trade is still a sensitive point: disputes must be resolved in the United States, the United Kingdom, France, or Singapore. No Venezuelan courts to settle conflicts, at least for now. OFAC insists that dispute resolution must take place outside the country to protect U.S. companies.
📈 Crypto: the veto that isn’t touched
One of the points that interests us most at PitbullChain is the one related to payments. OFAC maintains the prohibition on considering certain payment mechanisms as “valid”: debt swaps, payment in gold, and—pay attention—payment in digital currencies. This means that even though contracts may be governed by Venezuelan law, cryptocurrency transactions for these strategic sectors remain blocked.
What does this mean for the Venezuelan P2P market? In the short term, not much. Because the veto already existed and the licenses do not open the door to using USDT in oil transactions. But it does set a ceiling: the U.S. government is not willing for crypto to become a channel to evade the financial blockade. For everyday users, this doesn’t change the reality of P2P, where USDT continues to be the go-to refuge currency.
🔎 And the dollar?
The news could indeed have an indirect effect on the foreign-exchange market. If these licenses manage to attract real investment into key sectors, Venezuela could receive a larger inflow of fresh dollars. That encourages Venezuela’s Central Bank (BCV) to intervene more strongly in the market, which could curb the depreciation of the bolívar and, in theory, reduce upward pressure on the exchange rate.
But we need to be realistic here: the lack of crypto payments and the restrictions on gold limit monetization options. Also, the dollars that do enter don’t necessarily reach the parallel market. If the government manages to stabilize the economy, it’s possible that demand for USDT as a hedge will temporarily fall. However, distrust in the national banking system remains the driving force behind the Venezuelan P2P market.
💰 Legal reforms: an attempt to lure foreign capital
The reform to the Hydrocarbons Organic Law is the crown jewel. It allows private and foreign companies to have greater operational and commercial control and to market directly, breaking PDVSA’s monopoly. It also eases taxes and royalties, and creates independent P2P trade mechanisms. If approved, it would be a structural change with an impact on the economy.
In the mining sector, a similar reform is being prepared, with the idea of speeding up concessions in the Mining Arc and offering attractive mixed schemes. Of course, all under traceability standards, which are difficult to meet in practice unless there is a solid financial system in place. Here USDT could play a role, but for now OFAC does not allow it in these contracts.
🛡️ What’s next for investors?
From PitbullChain, we see this measure as a timid but significant step. Removing U.S. law from contracts reduces friction, but international P2P trade in forums like New York or London is still an obstacle for smaller companies. In addition, the mandatory payment of certain funds to the U.S. Treasury creates distrust: any investor will want to know that their money won’t be frozen.
📖 Read the full article: https://pitbullchain.com/noticias/ofac-flexibiliza-contratos-en-venezuela-pero-mantiene-veto-a-cripto-impacto-p2p-440548
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