Official Gazette No. 43 Ordinary, released on Tuesday, April 26, published the resolution approved by the Central Bank of Cuba, where Bitcoin (BTC) and other cryptocurrencies services and platforms are authorized on the island.
The approved legislation provides for the delivery of licenses to natural or legal persons who wish to operate services with bitcoin and virtual assets as a business. Said law will enter into force as of May 16 of this year.
Cuba has historically been characterized by its restrictive policies on the economic and financial sector. However, with the approval of this new law, the Caribbean island “takes another step forward to adopt Bitcoin and its industry.”
On the other hand, the new legislation will allow local and foreign companies to emerge to operate with cryptocurrencies and offer their services in the country.
Central bank responsible for granting licenses
In accordance with the provisions of the Official Gazette, the Central Bank will be the only body authorized to grant licenses, both to natural and legal persons, who wish to operate services with Bitcoin and virtual assets.
Likewise, it indicates that the financial entity before granting the license must evaluate “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 Central Bank of Cuba issues the license, after consulting the Cryptoactive Group”.
Due to the novelty and experimental nature of these activities, the licenses granted will last for one year, extendable for a second year. The law also establishes that “virtual asset service providers cannot cease their operations without authorization from the Bank.”