The license will be available to natural persons and organizations, both Cuban and foreign. It will be valid for one year and may be extended for a second year.
The providers will be allowed to operate with virtual assets approved by the BCC, the resolution said, without disclosing further details. It did clarify that 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 in other provisions of the Central Bank of Cuba.
In August, the BCC issued a resolution establishing rules to regulate the use of virtual assets in commercial transactions and licensing of service providers in that sector.
That previous resolution allowed the bank to grant licenses to service providers of virtual assets for transactions related to financial, exchange and collection or payment activities, in and from the national territory. At that moment, the BCC stipulated that government agencies must refrain from using virtual assets in transactions, except in cases authorized by it.
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