Cuba’s central bank made an announcement Tuesday that it will issue licenses to virtual asset service providers. Applications will be processed within 90 business days, provided the necessary documents are submitted.
The resolution, published in Cuba’s official gazette, says the license is for both individuals and legal entities from Cuba and other states.
The approved licenses will be valid for one year and can be renewed for a second year, “given the experimental and new nature of this type of activity.”
Providers will be allowed to work with virtual assets approved by the central bank. It is specified that virtual assets “do not include digital representations of paper currency, securities and other financial assets commonly used in traditional banking and financial systems, which are regulated by other provisions of the Central Bank of Cuba.”
The current resolution does not specify whether the Cuban government will levy taxes on transactions involving virtual assets.
At the same time, it is known that vendors will not be able to terminate operations without prior authorization from the Central Bank and will have to keep accounting records of their transactions in accordance with standards issued by the Ministry of Finance and Prices.
Licensees who violate the decree or act without a license will be liable in accordance with Decree 363.
According to the bank, the decree will take effect 20 days after its publication.