According to the information in the Cuban official newspaper, today bitcoin and other cryptocurrencies services and platforms were made legal. With the new regulation, a legislation was created for companies that want to operate as a stock exchange in the country.
Providing Bitcoin and Cryptocurrency Services Has Become Legal in Cuba
According to the Official Gazette No. 43, which includes the decision of the Cuban Central Bank, companies that want to provide services with Bitcoin and virtual assets in the country will apply to the central bank.
Similarly, according to the new regulations, companies that do not hold a license will be sanctioned within the framework of the current banking and financial regulations in the country.
According to the information published in the Cuban Official Gazette, the said decisions will begin to be implemented within 20 days of the publication of the official gazette. After the news published today, the changes are expected to go into effect on Monday, May 16. In addition, it was stated that there will be an option to extend the licenses to companies for one year.
Cryptocurrency Companies Won’t End Their Operations Without the Permission of the Cuban Central Bank
According to the information in the Official Gazette, among the provisions to be implemented by the Central Bank, it has been reported that companies operating in crypto money cannot terminate their activities without the permission of the Central Bank:
“Virtual asset service providers cannot cease operations without the permission of the Central Bank of Cuba.”
As is known, cryptocurrencies were legalized as a payment method in the country on September 15, 2021.
A short time ago, the Central African Republic recognized Bitcoin as its official currency and became the second country in the world to declare BTC as its official currency.
*Not investment advice.