Cuban central bank has revealed that licenses for VASPs will be available from May this year.
The Cuban central bank – the Banco Central de Cuba – is all set to issue licenses for cryptocurrency and other virtual asset services providers .As per the resolutionin Official Gazette No. 43, BCC will grant licenses to national and foreign individual human beings and organizations.
With the new system in place, BCC stated that the approved licenses will be valid for one year. However, an extension is possible for a second year citing the “experimental and novel nature” of the space.The central bank of the Caribbean country also said it will examine the legality, opportunity as well socioeconomic interest, and characteristics of the project when considering the license request.
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.
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