Cuban central bank makes it official: VASP licensing coming in May
In a move that could potentially foster the growth of Cuba's nascent tech industry, the Banco Central de Cuba (BCC), the country's central bank, will begin issuing licenses for Bitcoin (BTC) and other virtual asset services providers (VASPs).
According to the Official Gazette, No. 43 published Tuesday, which includes a Central Bank of Cuba resolution, anyone wanting to provide virtual-asset-related services must acquire a license first from the central bank. It reads:
Furthermore, the document states that those organizations that do not operate under this license and are required to do so must face penalties in line with existing banking and financial rules in the island nation. The Gazette further determines that this decision will enter into force 20 days after its publication, which will be May 16. It also noted that the licenses would be extended for a second year.
It also emphasizes among the bank's terms that VASPs are not permitted to cease their services without authorization from the central bank.
I would escape with my family from the dictatorship that is my country "Cuba" and invest in my private business.#BTC#SOSCuba
As reported by Cointelegraph in Sep. last year, the BCC issued a ruling that defined cryptocurrencies like Bitcoin as a legal payment method. Although the institution had reservations about the dangers of utilizing cryptocurrencies, the central bank was made the only entity permitted to grant licenses to VASPs.
Related: UAE reportedly plans to issue federal crypto license for VASPs
By legalizing virtual assets, Cubans can now enjoy more accessible remittance services and the ability to send and receive funds freely around the world, which could potentially trigger new cultural waves in local tech
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