Eternity Law International — News — Crypto license in Cuba

Crypto license in Cuba

Published:
August 30, 2022

All VASPs that function in Cuba must get permission. Crypto license in Cuba is a document giving the official right to perform various operations with virtual assets and offer its services there. This permit is accessible for individuals and companies. Its validity period is one year; however, if needed, permission can be renewed.

Licenses for cryptocurrencies in Cuba are given to firms or individuals involved in next-mentioned commercial activities:

  • crypto exchange transactions for fiat, where cryptocoins have status of legal tender;
  • cryptocurrencies exchange among themselves;
  • crypto-transfers;
  • management and storage of crypto or other remedies by which VA can be controlled;
  • services of financial nature or intermediation in such services, if they have connection with cryptoassets issuance or sales.

VASP license in Cuba doesn’t mean digital fiat, securities and others being used in ordinary banking institutions and are controlled by separate provisions designated by the Central Bank.

Cryptocurrency license and business in Cuba: VASP license applicants

Considering application for obtaining a crypto license in Cuba, business’ legitimacy, the general characteristics of new commercial project, ability to carry out certain transactions, expertise and professional background of applicants, compliance with demands set by regulatory body, etc. certain transactions is a mandatory item that is necessary for the proper storage of VA and control over them.

If legal entity makes a request to get a VASP license in Cuba, nevertheless, it’s outside jurisdiction, permit may be issued to it, if operations of such a company will be performed for the good and in the interests of the country.

Those firms that already have a license issued in another jurisdiction may also apply for this permit. To do it, it’s necessary to register organization in Republic.

Requirements for obtaining Cuba VASP licenses

Getting a Cuba cryptocurrency license to operate as virtual assets services provider involves submission of following documentation and compliance with several conditions.

  1. A description of the corporate purpose of enterprise and a general description of the operating model, as well as the cryptographic standards that the assets in circulation with the company comply with.
  2. Confirmation of the certification of the company by the regulatory authorities of the Republic, giving appropriate certificates, if applicable under the laws.
  3. Description of the structure that manages the enterprise.
  4. Description of the firm’s internal control mechanisms, in particular, security systems and monitoring, clients’ data protection mechanisms, as well as procedures that are provided for risk controlling (it also means policies to prevent illegal circulation of funds and financing of terrorist activities).
  5. Confirmation of the availability of start-up capital, which the company can use for further operations.
  6. Risk prevention, information disclosure and limitation of liability policy, in particular:
  • an indication of any amounts of fees and commissions that the firm may charge clients, and the conditions for withholding such amounts;
  • publication of warnings that are related to the use by customers of Internet pages, interfaces, digital communication tools and developments belonging to company, including apps.
  1. Description of procedures that are aimed at counteracting countering the illegal circulation of funds, the financing of terrorist activities and the proliferation of mass weapons dangerous to the population.
  2. Any other documents that may be required by Cuban law for getting a VASP license in Cuba.

Sometimes, regulator may ask for additional data. If you want to develop a business with crypto in Cuba, our specialists are ready to help you choose a ready-made crypto business in Cuba and give comprehensive advice on all aspects of such a transaction. Contact us in any of the ways – we are always at your service.

View our current offers in categories Cryptocoins and licensing of cryptocurrency operations, Ready-made companies, Banks for sale and Licenses for sale.

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