Cuba Recognizes and Regulates Cryptocurrency Amid Economic Challenges

In recent years, Cuba has taken significant steps to regulate the use of cryptocurrencies within its borders. In August 2021, the Cuban government published Resolution 215/2021, which established guidelines for the use of virtual assets in commercial transactions. This directive authorized the Central Bank of Cuba to grant licenses to virtual asset service providers (VASPs) and to issue regulations aimed at preventing the misuse of virtual assets, such as in money laundering or terrorism financing activities.

Building upon this framework, in April 2022, the Central Bank issued further regulations requiring individuals and entities wishing to use cryptocurrencies to obtain a license. These licenses are initially valid for one year, with the possibility of renewal. The bank evaluates each application based on legality, socioeconomic interest, and the characteristics of the project.

The Central Bank was authorized to grant licenses to providers of these services and issue regulations to prevent virtual assets from being used in activities like money laundering or terrorism financing (1).

The adoption of cryptocurrency regulations in Cuba is seen as a response to the country's ongoing economic challenges, including the impact of U.S. sanctions. Cryptocurrencies offer an alternative means for Cubans to engage in international transactions, receive remittances, and access global financial markets, which are otherwise restricted. By establishing a regulatory framework, the Cuban government aims to harness the potential benefits of digital currencies while mitigating associated risks.

Source:
(1) Reuters
(2) Cryptocurrency Law

Last updated: 08-05-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.