The Central Bank of Cuba (BCC) has announced that it will provide licenses to Cuban and international virtual asset service providers, including organizations, individuals or legal entities. The Spanish-language resolution was also published in the Official Gazette of Cuba.
However, the license is valid for one year, after which it can be extended for a second year.
Cuban central bank @BancoCentralCub announced Tuesday that it will issue licenses for virtual asset service providers. @andresengler reports https://t.co/Eaxcuo7nlF
— CoinDesk (@CoinDesk) April 27, 2022
The resolution states that providers will only be able to use BCC-approved virtual assets.
“The digital representation of virtual assets that do not contain fiat currencies, securities and other financial assets widely used in traditional banking and financial systems, which are controlled by other laws of the Central Bank of Cuba.”
On Thursday, the BCC reiterated that the previous resolution enabled the bank to issue licenses to suppliers to conduct asset transactions related to exchange, collection, financial or payment activities at the national and other levels.
The current resolution does not address how the Cuban government will tax virtual asset transactions, although government agencies will only use virtual assets for trading if the BCC allows it.
However, the government said the BCC will deny or grant the sought license within 90 working days of granting the license to Crypto Assets Group.
In addition, suppliers will only operate under BCC approval, and the Ministry of Finance and Price, approved by the Cuban Financial Reporting Standards, will also require them to keep accounting records about how they operate.
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