Cuban Central Bank to Issue Licenses to Virtual Asset Service Providers

The Cuban central bank, the Banco Central de Cuba, is ready to issue licenses to cryptocurrency and other virtual assets service providers (VASPs).

The Gazette announced that they will be in place for a year with an option to extend for another year.

Official Gazette No. 43 published a resolution granting licenses to national and foreign individuals and organizations. The resolution published in Official Gazette No. 43 states that licenses will now be granted to both national and international individuals and organizations. The BCC will consider the responsibility of applicants and their experience in the activity when granting licenses. It will also evaluate the “responsibility of the applicants” and their “experience in the activity.”The current resolution specified that organizations operating without a license will face penalties in accordance with the existing banking and financial rules in the country.Additionally, VASPs will not be allowed to terminate their services without authorization from the BCC.Under the resolution, the BCC clarified that fiat currencies in digital representation, securities, or any other asset part of the traditional banking and financial system shall not fall under the virtual asset category.The decision will be effective 20 days after its publication, i.e., May 16.The latest development comes precisely eight months after the Cuban President – Miguel Diaz Canel – was reported to be looking into recognizing and regulating cryptocurrencies to be used for payments.Despite taking a “controlled” approach toward the digital asset space, the government of the island nation is keen on exploring such operations as its economy continues to struggle to recover following the pandemic and harsher sanctions imposed by the administration of former US President Donald Trump.
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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