The Cuban government has advanced a new law framework that brings clarity to how virtual asset service providers (VASPs) must proceed to operate legally in Cuba.
In an official resolution, the Bank of Cuba establishes specific procedures that these individuals or companies must follow to operate legally in the country, after establishing a general framework in August.The Cuban government has advanced a new law framework that brings clarity to how virtual asset service providers must proceed to operate legally in Cuba. A new
, identified with the number 89/2022, specifies and defines the requirements that individuals and companies must comply with to operate cryptocurrency exchanges and custody services in the country.First and foremost, the resolution established the Central Bank of Cuba as the only institution with faculties related to the revision and approval of virtual asset service provider licenses.
to make use of this technology to face the economic crisis the country was experiencing back in April 2021.
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