The Central Bank of Cuba (BCC) intends to issue licenses to digital asset service providers. The license will be valid for one year, after which the provider must request an extension, which may or may not be granted at the discretion of the BCC.
Individuals or organizations living in Cuba or outside the country can apply for this license based on the document published by the official gazette of Cuba.
Once issued, the license has a one-year validity period that may be extended “given the experimental and novel nature of this type of activity,” the BCC stated.
Based on the guidelines by the BCC, the definition of virtual assets in Cuba was clarified. Virtual assets “do not include digital representations of fiat currency, securities, and other financial assets widely used in traditional banking and financial systems, which are regulated by other provisions of the Central Bank of Cuba.”
Currently, the space of crypto taxation in Cuba is murky, as there is no clear guideline for taxes levied on virtual assets.
Penalties are explicitly defined for individuals who operate in this space without obtaining the required BCC license.
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