The Central Bank of Cuba (BCC) said Tuesday that it will grant licenses to virtual asset service providers.

According to a Spanish-language resolution published in Cuba's official gazette, the licence will be offered to natural persons — individuals — or legal persons — organisations — both Cuban and international.
<blockquote>"Given the experimental and unique nature of this activity," the authorised permits will be valid for one year and may be extended for a second year.</blockquote>
According to the resolution, the providers will be able to work with virtual assets that the BCC has approved. It did say that virtual assets "do not contain digital representations of fiat currency, securities, and other financial assets extensively employed in traditional banking and financial systems, which other Central Bank of Cuba laws control."

https://twitter.com/CoinDesk/status/1519145293312405508
<blockquote>On Thursday, the BCC reminded that the previous resolution enabled the bank to issue licences to "service providers of virtual assets for transactions linked to financial, exchange, collection, or payment activities, in and out of the national territory."</blockquote>
The BCC stated that government agencies were not allowed to use virtual assets in transactions unless they were permitted by it.

The current resolution does not mention how the Cuban government will tax virtual asset transactions.
It states that the BCC will grant or deny the sought licence "within not more than ninety working days from receipt of all required papers." The BCC will confer with a Crypto Assets Group before issuing a licence.

In addition, providers will not be able to stop operations without prior approval from the BCC. They will be required to keep accounting records of their operations by the Ministry of Finance and Prices' standards based on the approved Cuban Financial Reporting Standards.

The Cuban Central Bank will Provide Licenses to Digital Asset Service Providers

The Central Bank of Cuba (BCC) said Tuesday that it will grant licenses to virtual asset service providers.

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The Cuban Central Bank will Provide Licenses to Digital Asset Service Providers

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