Rpay, a stablecoin wallet developed by the team behind reserveprotocol, has secured a license from the USTreasury’s OFAC to continue operating in Venezuela without breaking sanctions. andresengler reports
Stablecoin wallet Rpay has secured a license from the U.S. Office of Foreign Asset Control allowing it to continue operating in Venezuela without breaking sanctions on the Latin American country.
According to Rpay, OFAC granted “a license that does not absolve Rpay of its compliance duties, but does eliminate the growing compliance risk,” so the company will have to reject employees of the Venezuelan government. Gabriel Jiménez, CEO of Rpay, told CoinDesk that the license Rpay obtained from OFAC is similar to the one Visa and Mastercard have to operate in a country like Venezuela. “What is a highlight is that it is a crypto company, the one getting authorization from the Department of Treasury to operate under such difficult conditions,” he stated.
Venezuela's regulatory complexity has already triggered a number of crypto company exits. In 2020, peer-to-peer bitcoin exchange Paxful decided to leave Venezuela
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