Cuba's tech industry could witness a massive boost as the Central Bank announces that it will begin issuing licenses for Bitcoin and other virtual asset services providers.
In a move that could potentially foster the growth of Cuba’s nascent tech industry, the Banco Central de Cuba , the country’s central bank, will begin issuing licenses for Bitcoin and other virtual asset services providers, or VASPs.Tuesday, which includes a Central Bank of Cuba resolution, anyone wanting to provide virtual-asset-related services must acquire a license first from the central bank.
Furthermore, the document states that those organizations that do not operate under this license and are required to do so must face penalties in line with existing banking and financial rules in the island nation. The Gazette further determines that this decision will enter into force 20 days after its publication, which will be May 16. It also noted that the licenses would be extended for a second year.
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