The Central Bank of Cuba will issue licenses to service providers of digital assets

On Tuesday, Cuba's central bank announced that it would issue licenses to virtual asset service providers.Applications will be considered within 90 working days, subject to the provision of the necessary documents.

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In the resolution published in the Official Gazette of Cuba, it is reported that the license is intended for both individuals and legal entities from Cuba and other states.

The approved licenses will be valid for one year and may be renewed for a second year, “given the experimental and novel nature of this activity.”

Providers will be allowed to work with virtualassets approved by the central bank. Utochnyaetcya chto viptualnye ASSETS "ne vklyuchayut tsifpovye ppedctavleniya bumazhnoy valyuty, tsennyx bumag and store other financovyx aktivov, shipoko icpolzuemyx in tpaditsionnyx bankovckix and financovyx cictemax, kotopye pegulipuyutcya d.pugoy polozheniyami Tsentpalnogo banka Kuby."

The current resolution does not specify whether the Cuban government will levy taxes on transactions with virtual assets.

At the same time, it is known that suppliers will not be able toterminate operations without prior permission from the Central Bank and will have to keep accounting records of their operations in accordance with the standards issued by the Ministry of Finance and Prices.

Licensees who violate the ordinance or act without a license will be held liable in accordance with Executive Order 363.

According to the bank, the regulation will enter into force 20 days after its publication.

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