Central Bank of Cuba unveils licensing rules for crypto service providers

The Central Bank of Cuba опубликовал licensing rules for providers of services in the field of virtual assets (VASP). The rules will come into force on 16 May 2022.

Both Cuban and foreign individuals and legal entities will be eligible to apply for a license.

The regulator has set out the list of requirements and the documents to be submitted.

“The Central Bank of Cuba, in considering a license application, assesses the legality, feasibility and socio-economic usefulness of the initiative, the project’s characteristics, the applicants’ responsibility and their experience,” the decree states.

During licensing, the regulator will identify the digital assets and the types of services that a VASP may offer. They are not permitted to cease operations without the Central Bank’s authorisation. Violations may be sanctioned under existing banking and financial rules.

“Licences for virtual asset service providers are issued for a term of one year, with the possibility of extension for a second year, given the experimental and novel character of this activity,” the Central Bank ruled.

In April 2021, the Cuban government included cryptocurrencies in the “guiding principles of the party’s and revolution’s economic and social policy”.

In August, the Central Bank allowed for recognizing cryptocurrencies and licensing of VASPs.