The central bank of Cuba said on Tuesday that it will license virtual asset service providers. Natural persons -individuals- and legal entities -companies-, both Cuban and foreign, may obtain a license through this process.
He also indicated that the licenses issued will be valid for one year and that they may be extended if the activity is considered to be experimental and unique.
According to the resolution, service providers can use virtual assets that have been certified by the BCC. Those that use “digital representations of fiduciary money, securities and other financial assets typically used in traditional banking and financial institutions” are subject to the jurisdiction of the Central Bank of Cuba.
The Board of Trade issued a resolution in August that regulates the use of virtual assets in business transactions and requires virtual asset service providers to be licensed by the Board.
In a statement issued on Thursday, the Central Bank reminded the “service providers of virtual assets for banking, exchange, collection and payment activities inside and outside the national territory.”
Government agencies are prohibited from using virtual assets in transactions unless expressly authorized by the BCC, which will enforce them.
Cuba has not specified how it will tax virtual assets under the terms of the current agreement.
After receiving the required documentation, the BCC must grant or deny the requested license “within ninety business days” after receiving the documentation. It is essential to consult with a group of crypto assets before obtaining the license.
The bank stated that the decision will take effect 20 days after its publication.
Suppliers will also be required to keep accounting records of their activities in accordance with Cuba’s Financial Information Standards, which have been approved by the Ministry of Finance and the Ministry of Prices.
Licensees who violate the resolution or who operate without a license, according to the BCC, will be sanctioned according to Decree 363, which deals with administrative infractions of banking and financial legislation.
