Central Bank of Cuba Introduces Specific Virtual Asset Service Providers Regu...
The Cuban government has issued new regulations concerning the operation of virtual asset service providers (VASPs) in the country. In an official resolution, the Bank of Cuba establishes specific procedures that these individuals or companies must follow to operate legally in the country, after establishing a general framework in August. Bank of Cuba Clarifies Rules for VASPs The Cuban government has advanced a new law framework that brings clarity to how virtual asset service providers must proceed to operate legally in Cuba. A new decree, identified with the number 89/2022,....
Related News
The Cuban central bank released regulations for virtual asset service providers on Tuesday, a move that some experts believe could help the Communist-run Caribbean island avoid hefty US sanctions. Cuban Central Bank Announces Crypto License The Central Bank of Cuba (BCC) has declared that virtual asset service companies would be granted licenses. The license will […]
The Gazette further determines that this decision will enter into force 20 days after its publication, which is May 16. 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:"The....
Crypto is now a legal method of payment for commercial transactions in the Island nation. Resolution 215 of 2021 issued by the Banco Central de Cuba (BCC) — the country’s central bank — recognizing cryptocurrencies like Bitcoin (BTC) is now in effect.According to Cuba’s official state news agency Prensa Latina, the order became official on Wednesday.With crypto legally recognized by the BCC, Bitcoin and other cryptocurrencies can now be used for commercial transactions and investments in Cuba.As previously reported by Cointelegraph, the central bank first announced plans to recognize and....
The central bank stated virtual asset service providers pose a great risk but will allow existing businesses to continue operations or expand.
The Bank of Namibia recently said it has brought virtual assets and virtual asset service providers under its fintech innovations regulatory framework, and that it plans to amend applicable laws and regulations. According to the central bank’s governor, there is an ongoing “battle between regulated and unregulated money on the one hand and sovereign versus non-sovereign money on the other.” Amending Applicable Laws The Bank of Namibia (BON) has said that while cryptocurrencies have no legal tender status in the country, it has now brought “virtual assets (VA)....