Resolution 89/2022 -published in Official Gazette No 43- establishes the specific requirements for the authorization, operation, regulation, supervision, surveillance, corrective mechanisms and cancellation of licenses for providers of these services.

The new standard defines in 21 points the requirements to be observed for this type of activity, among them, the powers of the BCC for granting licenses and the requirements and obligations that the providers of these services must comply with.

Regarding licenses, the Gazette clarifies how virtual asset service providers are approved for a one-year period, extendable for a second year, given the experimental and novel nature of this type of activity.

In addition, to obtain the license it is an essential requirement to have the approval of the General Directorate of Investigation of Financial Operations of the Central Bank of Cuba on the procedures presented.

Likewise, it defines the characteristics of digital assets, the conditions and restrictions of authorized operations, and the measures to be fulfilled for their control and custody.

Regarding the accounting of operations, it is defined that virtual asset service providers are obliged to apply the accounting standards issued by the Ministry of Finance and Prices based on the approved Cuban Financial Information Standards.

The legislation also establishes the procedures related to the system to prevent and combat money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

According to the Gazette, Resolution 89/2022 will be in force 20 days after its publication.

ef/mem/tdd