{"id":60807,"date":"2022-04-29T18:00:21","date_gmt":"2022-04-29T15:00:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=60807"},"modified":"2025-09-05T05:28:10","modified_gmt":"2025-09-05T02:28:10","slug":"central-bank-of-cuba-unveils-licensing-rules-for-crypto-service-providers","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/central-bank-of-cuba-unveils-licensing-rules-for-crypto-service-providers\/","title":{"rendered":"Central Bank of Cuba unveils licensing rules for crypto service providers"},"content":{"rendered":"<p>The Central Bank of Cuba <a href=\"https:\/\/www.gacetaoficial.gob.cu\/sites\/default\/files\/goc-2022-o43pdf.pdf?_x_tr_sl=auto&#038;_x_tr_tl=en&#038;_x_tr_hl=en\">\u043e\u043f\u0443\u0431\u043b\u0438\u043a\u043e\u0432\u0430\u043b<\/a> licensing rules for providers of services in the field of virtual assets (VASP). The rules will come into force on 16 May 2022.<\/p>\n<p>Both Cuban and foreign individuals and legal entities will be eligible to apply for a license.<\/p>\n<p>The regulator has set out the list of requirements and the documents to be submitted.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The Central Bank of Cuba, in considering a license application, assesses the legality, feasibility and socio-economic usefulness of the initiative, the project&#8217;s characteristics, the applicants&#8217; responsibility and their experience,&#8221; the decree states.<\/p>\n<\/blockquote>\n<p>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&#8217;s authorisation. Violations may be sanctioned under existing banking and financial rules.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;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,&#8221; the Central Bank ruled.<\/p>\n<\/blockquote>\n<p>In April 2021, the Cuban government <a href=\"https:\/\/forklog.com\/en\/news\/cuba-folds-cryptocurrencies-into-its-economic-policy\">included cryptocurrencies<\/a> in the &#8220;guiding principles of the party&#8217;s and revolution&#8217;s economic and social policy&#8221;.<\/p>\n<p>In August, the Central Bank <a href=\"https:\/\/forklog.com\/en\/news\/cuba-paves-the-way-to-recognise-and-regulate-cryptocurrencies\">allowed<\/a> for recognizing cryptocurrencies and licensing of VASPs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Cuba has published licensing rules for virtual asset service providers (VASP). The rules will come into force on 16 May 2022.<\/p>\n","protected":false},"author":1,"featured_media":60808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2010,36],"class_list":["post-60807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cuba","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/60807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=60807"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/60807\/revisions"}],"predecessor-version":[{"id":60809,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/60807\/revisions\/60809"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/60808"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=60807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=60807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=60807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}