Cuba will license providers of virtual assets

The Central Bank of Cuba (BCC) has announced that it will issue licenses to both Cuban and international virtual asset service providers, including organizations, individuals or legal entities. This Spanish-language resolution was also published in the Official Journal of Cuba.

However, the authorized licenses are valid for one year and can then be renewed for the second year.

The Central Bank of Cuba, @BancoCentralCub, will issue licenses for virtual asset service providers, it announced Tuesday. @andresengler reportshttps://t.co/Eaxcuo7nlF

– CoinDesk (@CoinDesk) April 27, 2022

The resolution pointed out that providers can only work with BCC-approved virtual assets.

“Virtual assets do not contain digital representations of fiat currency, securities and other financial assets that are widely used in traditional banking and financial systems and are controlled by other laws of the Central Bank of Cuba..“

On Thursday, BCC reiterated that the previous resolution allowed the bank to grant the licenses to the providers for the transaction of assets related to barter, collection, financial or payment activities, both at the national level and beyond.

Although the government authorities would only use the virtual assets for transactions if only BCC allows it, the current resolution did not address the question of how the Cuban government will tax the virtual assets transaction.

However, the government stated that BCC will refuse or grant the requested license within ninety working days after consulting with the Crypto Assets Group licensing.

The Ministry of Finance and the prices approved by the Cuban financial reporting standards also oblige you to keep your accounting records of your activity.