Central Bank of Cuba announces regulation for cryptocurrencies
Through Resolution 215/2021 of the Official Gazette, a regulation will come into force that will regulate operations with digital assets.
According to Resolution 215/2021 published in the Official Gazette of Cuba, the regulations will enter into force within 20 days and will also regulate the granting of licenses to virtual asset service providers for operations related to financial, exchange and collection activity or of payments, on and from the island.
The central Cuban institution defines these virtual assets as “the digital representation of value that can be traded or transferred digitally and used for payments or investments.” The term, according to the organization, includes the concepts of digital asset, crypto asset, cryptocurrency, virtual currency or digital currency.
For its part, the concept of virtual asset service provider is defined as “any natural or legal person that as a business or in business activities engages in the exchange between virtual assets and legal tender“, as well as the exchange between a or more forms of virtual assets, the transfer or the administration of the same.
Likewise, the Central Bank clarified that it is the only entity authorized to govern that financial institutions and other legal entities can use virtual assets among themselves and with natural persons, and carry out monetary-commercial operations, among others.
K. Tovar
Source: The Province
