Self-custodial wallet / non-custodial software in Cuba
Publisher of software where users hold their own private keys. The publisher never holds, controls, or has access to user funds.
Self-custodial wallet is conditionally permitted in Cuba without local incorporation, subject to AML obligations and none licensing burden.
Verdict Details
- Permitted
- conditional
- Local entity required
- No
- Licensing burden
- None
- Last updated
- 2026-07-13
AML Obligations
- No AML/CFT obligations attach to the publisher of non-custodial wallet software, because the publisher never holds, controls, or has access to user funds or virtual assets — it does not qualify as a 'virtual asset service provider' under Resolutions 215/2021 or 216/2021.
- AML/CDD obligations under Law 143/2021 and BCC Resolutions (identity verification, beneficial ownership, ongoing monitoring, risk-based approach, enhanced due diligence, suspicious transaction reporting) apply only to licensed VASPs that are authorized by the BCC to operate with virtual assets.
- Non-custodial software publishers are not subject to the customer due diligence, record-keeping, or reporting obligations outlined in Resolutions 215/2021 and 216/2021 since they do not provide any of the regulated services (exchange, transfer, custody, or payment services involving virtual assets).
Key Restrictions
- The publisher must not touch, hold, control, or have access to users' private keys or virtual assets — any service that involves custody, exchange, or transmission of virtual assets would trigger VASP licensing requirements under BCC Resolutions 215/2021 and 216/2021.
- If the software includes any integrated fiat on-ramp, exchange, or custodial feature, the publisher would become a VASP and must obtain a license from the Banco Central de Cuba.
- Only virtual assets authorized by the BCC (e.g., those issued by central banks or monetary authorities, or explicitly approved) may be supported by the software for use in Cuba — supporting unauthorized virtual assets could violate Resolution 215/2021.
Key Risks
- Regulatory ambiguity: Cuba's framework focuses on licensed VASPs, and non-custodial software is not explicitly addressed — interpretation risk exists if the BCC later broadens the definition of 'virtual asset service provider' to include wallet publishers.
- Enforcement risk: The Cuban government operates with low transparency; an unlicensed entity providing any crypto-adjacent service could face administrative shutdown or account freezes under the BCC's expanded enforcement powers.
- Sanctions/PR risk: Even if legally permissible under Cuban law, a US-headquartered publisher could face US sanctions (OFAC) exposure due to doing business with a sanctioned state.
Evidence
This verdict synthesizes the following facts. Each fact links to its primary source(s).
Ley No. 143/2021 (Law 143/2021) – Ley de Prevención y Confrontación del Lavado de Activos, el Financiamiento al Terrorismo y a la Proliferación de Armas de Destrucción Masiva
Resolución No. 215/2021 del Banco Central de Cuba (BCC)
Resolución No. 216/2021 del Banco Central de Cuba (BCC)
Overview: This is the cornerstone regulation specifically for virtual assets. It establishes the rules for the use of certain virtual assets in commercial transactions, their licensing, and supervision in Cuba. It defines virtual assets and virtual asset service providers (VASPs). It explicitly states that the BCC will grant licenses to VASPs that operate in Cuba. It also emphasizes that operations with virtual assets must comply with AML/CFT rules.
Legalizes the use of virtual assets for financial transactions between individuals and legal entities, but only those authorized by the BCC.
Requires service providers dealing with virtual assets to obtain a license from the BCC.
Resolution 215/2021 regulates the use of virtual assets in Cuba. It defines virtual assets and states that their use for transactions between natural and legal persons is authorized by the BCC, provided they are issued by central banks or monetary authorities, or otherwise explicitly approved by the BCC. It also explicitly prohibits the use of virtual assets issued by private entities without prior authorization from the BCC. Entities operating with virtual assets must obtain a license from the BCC.
Cuba does not have a distinct "crypto custodial license" in the sense of a specialized license solely for custody services.
However, Resolution 215/2021 mandates that any legal person (entity) operating with virtual assets (which would include providing custody-like services) must obtain prior authorization from the Banco Central de Cuba.
Lack of Transparency: The Cuban government is not known for its transparency regarding internal enforcement actions, especially against individuals or smaller, private entities.
Focus on Regulation: Cuba's primary public actions concerning crypto have been the creation of a legal framework to regulate virtual assets, aiming to harness them for economic benefit (e.g., bypassing US sanctions, facilitating remittances) while simultaneously controlling their use to prevent illicit activities and maintain state oversight.
Verdict Attribution
- Source:
- AI-Generated · Unreviewed
- AI synthesized:
- 2026-07-13 (deepseek-chat)
- Last updated:
- 2026-07-13
- Confidence:
- low
This verdict was produced by an AI model from the underlying facts. Confirm with counsel before relying on it for material decisions.
Conditional — A publisher of non-custodial wallet software is not classified as a VASP under Cuba's BCC Resolutions 215/2021 and 216/2021, and no AML obligations attach, provided the publisher never holds or controls user funds/keys; however, the framework does not explicitly address non-custodial software, creating interpretive risk.
Questions this verdict aims to answer
- Does software publishing trigger VASP / MSB classification?
- Do AML obligations attach when no custody exists?
- What disclosure or consumer-protection rules apply?