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Stablecoin Wallet Rpay Secures License from OFAC to Continue Operating in Venezuela

Stablecoin wallet Rpay has secured a license from the U.S. Office of Foreign Asset Control (OFAC) 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. Venezuela's regulatory complexity has already triggered a number of crypto company exits. In 2020, peer-to-peer (P2P) bitcoin exchange Paxful decided to leave Venezuela citing regulations.

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