Central Bank of Cuba to start issuing license for VASPs
The Banco Central de Cuba (BCC), the central bank of the Republic of Cuba, has officially announced that it will begin issuing licenses for Bitcoin and other virtual asset service providers or VASPs in the coming days.
Central Bank makes license mandatory
As per the document released on Tuesday, the country's monetary authority has taken a resolution to make it mandatory for virtual-asset-related service providers to obtain a license from the BCC. The Official Gazette, translated into English, reads:"The Central Bank of Cuba, when considering the license request, evaluates the legality, opportunity and socioeconomic interest of the initiative, the characteristics of the project, the responsibility of the applicants, and their experience in the activity."The document notifies that this decision will be effective as early as 20 days after it is published, which would be May 16. Furthermore, the central bank warns that the organizations that do not operate under this license once the regulation begins will face penalties under the country's existing banking and financial standards. The bank has also decided to extend licenses for a second year, given the "experimental and novel nature of this type of activity."
Cuba adopting digital assets
Last year, Cuba witnessed Bitcoin becoming a legal payment method when the BCC issued a ruling in September.By regulation of the digital assets in the nation, the citizens would be able to send and receive payments freely worldwide and enjoy more accessible remittance services. As multiple international money transfer companies departed the country due to heavy pressure from the United States, the recent move could boost the local technological development in the nation.
Indeed, in the face of rising US sanctions and the economic impact of the pandemic, the government is embracing cryptocurrencies. Interest has grown exponentially as virtual currencies are now associated with the potential of financial independence for many Cubans.
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