Cuba Has Approved Crypto Services Subject to Bank Licensing

On the Caribbean island of Cuba, the central bank has legalized virtual asset service providers and the issuance of cryptocurrencies.

Earlier this week, the Central Bank of Cuba published regulations for virtual asset service providers in the government’s official gazette. Anyone intending to issue digital currency must obtain a license from the monetary authority, according to the notification.

Before granting a license, the central bank stated that it would assess the legality, socioeconomic interest, and characteristics of any initiative. Licenses will initially be valid for one year.