Cuban Central Bank announces crypto licenses
The Central Bank of Cuba (BCC) has declared that virtual asset service companies would be granted licenses. The rules will come into effect on May 16, 2022.
The license will be available to both Cuban and foreign individuals and organizations. It will be valid for one year, with the possibility of a second year extension. Before giving a license, the bank said it would assess the legality, socioeconomic interest, and project features of any request.
All crypto-related operations would be permitted as long as they did not incorporate digital representations of fiat currency, securities, or other financial instruments widely employed in traditional economic models. Service providers who have been licensed cannot stop operating without the permission of the central bank.
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