Cuba’s Central Bank Will Issue Licenses To Crypto Asset Providers

Cuba’s central bank will issue licenses to digital asset providers and revealed that licenses from VASPs will be available from May this year so let’s read more today in our latest cryptocurrency news.

Cuba’s central bank – The Banco Central De Cuba is set to issue licenses for crypto and other virtual asset services providers. The reports show that they will be for one year with the option to be extended for one more. BCC will grant licenses to national and foreign individual human beings and other organizations. With the new system in place, BCC stated that the approved licenses will be valid for one year and the extension is possible for a second year citing the experimental nature of the space. No details were further divulged regarding license expiration for the two years.

The Central bank of the Caribbean country said it will examine the legality and the socioeconomic interest when considering the license request and it will evaluate the responsibility of the applicants and their experience in the activity. The resolution specified that organizations that operate without a license will face penalties in accordance with the banking and financail rules in the country.
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VASPs will not be allowed to terminate the services without authorization from the BCC. Under the new resolution, the BCC clarified that the fiat currencies in digital representation or other asset parts of traditional banking shall not fall under the virtual asset category.

Miguel Diaz Canel, as the Cuban President was reported to be looking into regualting crypto to be used for payments. Despite taking a controlled approach towards the digital asset space, the government of the nation is keen on exploring these operations as the economy continues to struggle and recover after the pandemic and harsher sanctions imposed by former US President Donald Trump.

As recently reported, The number of countries that plan to mimic the movement of El Salvador is growing and a recent report showed that Cuba’s central bank is considering implementing rules to enable the nation to utilize digital assets legally. Miguel Diaz Canel, Cuba’s President announced he is working with other authorities in the country that reviewed new ways to adopt crypto and overcome the financial turbulence which enhanced uring the COVID 19 pandemic. Bloomberg cited the local official Gazette and informed that the nation is planning to step into the digital asset space.