Cuba’s central bank is opening things up in the tiny island country. CUBA about to liberate itself from the embargo #crypto adoption is coming to cuba ??????????#cuba #cubalibre pic.twitter.com/GGHDmWMFq6 — Crypto???enom ?? (@ubuntunerd) April 27, 2022 Cuba’s central bank announced that it’s fast-tracking licensing for VASPs (Virtual Assert Services Providers). The licensing will begin in […] The post Cuba Approves Crypto Licensing For May appeared first on CryptosRus.

Cuba Approves Crypto Licensing For May

Cuba’s central bank is opening things up in the tiny island country.

Cuba’s central bank announced that it’s fast-tracking licensing for VASPs (Virtual Assert Services Providers). The licensing will begin in earnest starting May 16th.

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  • The move puts onus on any company in the island country that wants to provide crypto-related services must obtain a license from Cuba’s central bank.
  • The resolution doesn’t specify which cryptocurrencies, instead allowing for anything falling under the virtual asset umbrella.
  • However, it appears to be more choosy about which companies it will license. “The Central Bank of Cuba, when considering the license request, evaluates the legality, opportunity and socioeconomic interest of the initiative, the characteristics of the project, the responsibility of the applicants and their experience in the activity,” Cuba’s central bank said.
  • Though the move doesn’t make crypto legal tender, it does allow for more remmitance services for the country. Most international remittances companies have left the country over pressures from the U.S. — which has an embargo on Cuba. 
  • How the U.S. responds to this news will be interesting. Currently, Cuba and the US don’t have any missile-related tensions —unlike in the past — but the US continues to encourage restrictions on the country from its trade partners. Cuba’s leading creditor is Russia. 

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