When Venezuela’s fiscal year ends on March 31, 2026, there is usually a mix of urgency and questions, but this year the conversation revolves around the main players: Bitcoin (BTC) and crypto users.
At the recent Crypto Summit held in the eastern Venezuelan state of Nueva Esparta from March 26 to 28, Yan Dominguez, co-founder of Cointable.app and member of the Crypto Technical Table of the Venezuelan Chamber of Electronic Commerce (Cavecom-e), highlighted a reality that many operators prefer to ignore.
Dominguez explained this as follows: Person-to-person (P2P) digital asset transactions are not exempt activities About taxes. The key to avoiding bank blockades and sanctions from the State General Customs and Taxation Administration (SENIAT), the expert said, lies in understanding that these transactions are far from “informal” and are part of a legal mechanism that requires traceability.
This need for formalization is in response to a situation of de facto dollarization, where stablecoins such as Tether’s USDT are fueling everyday commerce. However, there is a technical confusion, which Dominguez reveals in his pedagogy. “Currency manipulation is not the same as currency manipulation,” he said.
While exchanges take place between currencies issued by central banks, such as the bolivar and the dollar, The use of crypto assets is defined as the exchange between units of different nature. “Cryptoassets are not like currencies (…) What they generate is a profit or loss on exchange,” explained the Venezuelan accountant.
From an accounting perspective, Venezuela is not an unexplored region. Since February 2020, the BA VEN-NIF 12 standard, a manual specifying how to record these intangible assets, has come into force.
For P2P sellers, cryptocurrencies act as “pseudo inventory,” Dominguez explains. If carried out within the same fiscal year, it must be reflected as a current asset. If it is long-term, it falls under the category of other assets. This process requires converting each transaction into bolivars and recording the gain in the “Other Income” box on your income tax (ISLR) form. Additionally, it is important to remember that the Large Financial Transactions Tax (IGTF) still applies to payments made using these assets, as previously reported by CriptoNoticias.
Although the regulatory framework has been in place since 2018, there remain clear tensions in the market. on the one hand, Formalization protects sellers from suspicious activity records Lack of funding sources triggers banking algorithms.
However, many small businesses lack compliance (KYC) structures and organizational accounting practices, leaving them vulnerable. Although the regular filing deadline expires on March 31, 2026, there is still the possibility of filing a replacement return as a remedy.
Look, SENIAT is already sitting in universities to study how crypto assets work. That’s why I want to say this. Transparency is no longer something you want or choose, but the only insurance policy to ensure that your business doesn’t disappear tomorrow due to blockades and sanctions.
Yan Dominguez.
2026 is the year to reset the tax system
Dominguez proposed that 2026 is the time to revise Venezuelans’ approach to tax obligations, especially those related to crypto assets.
In an exclusive conversation with CriptoNoticias, he pointed out that ISLR filing is an obligation for those who earn income within the limits set by law. This is because the declaration allows economic activity to be reported to the state, making it transparent and traceable and facilitating access to future financial and credit systems.
Declaring is not payment. This is a citizen action to signal to the country your desire to contribute to the country’s development, first of all by informing commercial activities, making them transparent and traceable.
Yan Dominguez.
He highlighted that Cointable.app went live on February 19, 2026 after six months of development. The application imports trades made on platforms such as Binance, calculates profits and losses, and generates reports that comply with Venezuelan regulations. He noted that in this first tax season, the number of users using the tool was low due to existing resistance to filing.
Dominguez equated P2P trading of crypto assets with traditional commercial activities. He used the example of a seller who buys bananas on the wholesale market and resells them at retail stores. According to his explanation, Both involve commercial activities regulated by the Commercial Code.compliance with accounting and tax obligations is required.
It is worth noting that SENIAT requires natural persons residing in Venezuela for more than 183 days above the income threshold to file an ISLR return. Gains from the disposal of crypto assets are integrated into the ISLR tax base.
Although there is no special tax on crypto assets in Venezuela, the general rules of the ISLR already cover these operations. But Dominguez warns that the situation could change quickly. “I guarantee you, one of them will come,” he said. Possibility of specific taxes. The warning comes at a time of boom for the local market, where heavy use of stablecoins has become a survival tool to cushion the bolivar’s volatility.
(Tag translation) Cryptocurrency
