Cuba Compliance Report

Regulatory Overview

Regulatory Status

Regulators have not addressed crypto; legal status ambiguous

Key Regulator(s)

**Evolving Landscape, **Specific Regulatory Body Name

Primary Legislation

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Travel Rule

Adopted — Threshold: ,

Tax Reporting

**Legalizing and controlling their use:** To facilitate remittances and potentially circumvent international sanctions, while also preventing their misuse.. **Licensing virtual asset service providers (VASPs):** Ensuring that entities dealing with crypto operate under state supervision.. **Resolution 215/2021 (Gaceta Oficial No. 98 Extraordinaria de 2021):** Authorizes the use of virtual assets in commercial transactions and for investment purposes, but always under the supervision of the BCC. It defines virtual assets and establishes the framework for their use. It explicitly states that using virtual assets to evade taxes or anti-money laundering regulations is prohibited.. **Resolution 216/2021 (Gaceta Oficial No. 98 Extraordinaria de 2021):** Establishes the licensing regime for Virtual Asset Service Providers (VASPs) operating in Cuba. These providers must obtain a license from the BCC to operate legally. This is where the primary regulatory oversight and potential for corporate taxation lie.. **Individuals:** Cuba **does not have a specific capital gains tax** for individuals in the Western sense, nor is there one specifically for cryptocurrency. Profits from speculative trading of virtual assets by individuals are not explicitly taxed under current Cuban law. It is highly unlikely that an individual's occasional profit from selling cryptocurrency would be considered taxable capital gain.

Key Facts

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