Cuba’s central bank, Banco Central de Cuba (BCC), announced on April 26 that it will issue licenses for virtual asset service providers (VASPs).
According to the Gaceta Official Gazette No. 43, published on Tuesday, April 26 and containing the Cuban Central Bank decision, anyone wishing to provide services related to virtual assets must first obtain a license from the BCC. In August 2021, it was reported that the country’s central bank was ready to introduce new rules on how to deal with cryptoassets, according to Resolution 215 issued by the state-run Gaceta Oficial. This move meant that commercial providers of related services had to obtain a license to operate.
Real or legal persons are required to request a license from the Central Bank of Cuba in order to operate as virtual asset service providers.
According to the BCC:
“In assessing the license request, the Central Bank of Cuba considers the legality, opportunity and socio-economic interests of the enterprise, the characteristics of the project, the responsibilities of the applicants and their experience in action.”
The document also states that companies that do not operate under this license but are compelled to do so will be fined according to the current banking and finance regulations of the island country.
Currently, the BCC has mandated that government agencies not use virtual assets in transactions, except where they have approved it. At the same time, in the current situation, the decision does not explain how the Cuban government will tax virtual asset activities.
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