Cuba Compliance Report

Generated 2026-09-22

No Guidance

Regulatory Overview

Regulatory Status: Regulators have not addressed crypto; legal status ambiguous
Key Regulator(s): Central Bank of Cuba and the Ministry of the Interior, Ministry of the Interior and the BCC
Primary Legislation: Law 143/2021, Resolution 215/2021 has been supplemented or superseded by a newer law granting, Cuba has already enacted the 2026 Law on Virtual Asset Business, which includes, Resolución 215/2021 del Banco Central de Cuba: Similar to the Decree-Law, this w, Cuba has approved a draft law governing virtual assets, indicating regulation of, Cuba has not enacted any specific law, decree, or resolution that directly regul, Ley de Procedimiento Administrativo, No Cuban tax law defines whether digital asset gains would be treated as income,
Travel Rule: Adopted — Threshold: ,
Tax Reporting: Cuba authorized Cubamax to deliver cash in dollars as a limited measure, but the United States has since escalated sanctions against Cuban regime-aligned actors and entities in 2026, tightening restrictions to prevent sanctions circumvention, meaning the claim that Cuba is broadly 'legalizing and controlling' remittances to circumvent sanctions is no longer accurate.. Licensing virtual asset service providers (VASPs): Ensuring that entities dealing with crypto operate under state supervision.. Resolution 215/2021 initially authorized broad use of virtual assets under BCC supervision, but a March 2026 CiberCuba report indicates the BCC has since narrowed authorization to only a limited group of SMEs and one mixed company for cross-border payments, restricting the original scope.. 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

aml Virtual asset regulation in Cuba is assessed by the Financial Action Task Force (FATF) and its FSRB, GAFILAT, with Recommendation 15 (new technologies, including virtual assets) currently rated Largely Compliant as of February 2024. Cuba's progress in strengthening measures against money laundering and terrorist financing Cuba underwent its last mutual evaluation in December 2015, and its most recent follow-up report was published in February 2024, with the next possible onsite assessment scheduled for May 2026. Cuba Cuba's assessment body is GAFILAT (Financial Action Task Force of Latin America), and the country is subject to ongoing FATF mutual evaluation procedures including follow-up reporting obligations. Cuba The country concluded its Fourth-Round follow-up process with the 2024 report, and the practical reality is that Cuba remains in an active supervisory dialogue with FATF and GAFILAT regarding its AML/CFT framework, including measures applicable to virtual assets. Cuba's progress in strengthening measures against money laundering and terrorist financing No specific Cuba-based virtual asset service provider licensing regime is detailed in the FATF/GAFILAT documentation, meaning businesses operate in a context of general AML/CFT supervision rather than a dedicated crypto-asset authorization framework. Cuba Cuba is assessed by the Financial Action Task Force of Latin America (GAFILAT), which serves as the country's FATF-style regional body for AML/CFT evaluations. Cuba The FATF published Cuba's most recent mutual evaluation follow-up report on 14 February 2024, which constitutes the primary publicly available official assessment of Cuba's AML/CFT compliance framework under the FATF standards. Cuba's progress in strengthening measures against money laundering and terrorist financing Cuba's last full mutual evaluation was conducted in December 2015, and the 2024 follow-up report analyzes progress made since that evaluation and subsequent follow-up reports, including the January 2022 and January 2021 follow-up reports. Cuba
custody Resolution 215/2021 of the Banco Central de Cuba (BCC), published in Official Gazette No. 73 Ordinary of 2021. Resolution 216/2021 of the Banco Central de Cuba (BCC), also published in Official Gazette No. 73 Ordinary of 2021. 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. Resolution 216/2021 initially authorized financial institutions to use virtual assets under BCC supervision with prior authorization, but subsequent implementation has moved to a concrete licensed framework where only 10 state-owned and mixed-enterprise firms have been granted licenses, excluding regular banks and non-bank financial institutions, and accompanied by new restrictive conditions including unilateral account freezing powers. 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. Resolution 216/2021 further specifies that existing financial institutions (banks, non-bank financial institutions) must also obtain specific authorization from the BCC to operate with virtual assets. This implies that if a Cuban bank were to offer crypto custody, it would need this authorization. The authorization process involves proving economic-financial solvency, demonstrating expertise and technological infrastructure, and adhering to BCC guidelines.
enforcement 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. Nature of the Economy: In a state-controlled economy, significant independent financial operations (like an unregistered crypto exchange) would likely be shut down or absorbed without a public trial or detailed announcement. Central Bank of Cuba (BCC) holds expanded enforcement powers, including unilateral authority to freeze bank accounts without notice and suspend Visa and Mastercard transactions. Entity Targeted: Not a specific entity. This legislation targets all individuals and legal entities operating with virtual assets in Cuba. It mandates that virtual asset service providers (VASPs) must obtain a license from the BCC. Violation Type: Not applicable as a specific enforcement action. However, the law defines that operating a virtual asset service without a license, or engaging in activities deemed illicit by the BCC, would constitute a violation. Penalty Amount: Not applicable for the decree itself. The decree establishes the legal basis for future penalties for non-compliance, which could range from fines to imprisonment, depending on the severity of the violation as outlined in Cuba's criminal code. Decree-Law 215/2021: Published in the Official Gazette on August 16, 2021, coming into effect 90 days later. Resolution 215/2021 (BCC): Published on September 2, 2021, detailing the licensing requirements and regulatory framework. Outcome: Legalization and regulation of virtual assets and virtual asset service providers (VASPs) under the oversight of the Central Bank of Cuba. The framework aims to promote economic development, facilitate remittances, and circumvent financial sanctions, while simultaneously seeking to prevent illicit activities, money laundering, and terrorist financing.
general Resolución 215/2021 del Banco Central de Cuba (BCC): This resolution officially recognizes and legalizes the use of virtual assets in Cuba for financial and commercial transactions, stipulating that the BCC will authorize their use and operation. It emphasizes the risks associated with virtual assets (volatility, cybercrime) and the need for entities to ensure financial stability and protect consumers. It also prohibits their use in illegal activities. Resolución 216/2021 del Banco Central de Cuba (BCC): This complementary resolution sets out the framework for the licensing of Virtual Asset Service Providers (VASPs) for commercial purposes. It mandates that any legal entity (public or private) wishing to provide services related to virtual assets must obtain a license from the BCC. Cuba’s central bank now requires a license for virtual asset service providers, meaning exchanges facilitating trades between virtual and fiat currencies are legally permitted under a regulated framework, not outright prohibited. Custody Providers: Entities that provide services for the safekeeping or administration of virtual assets or instruments enabling control over virtual assets. Cuba has introduced a formal licensing framework for digital asset service providers, and ten companies are now authorized to use virtual assets for international payments, indicating that payment processors for virtual assets are regulated under this new system. Regulatory clarity regarding sophisticated financial activities such as VASP issuance and offering is severely compromised or outdated due to extreme economic instability and ongoing geopolitical blockades affecting Cuba. Resolution 215 explicitly states the need to combat illicit activities, money laundering, and terrorist financing. Licensed VASPs are expected to implement robust AML/KYC procedures in line with international standards (e.g., FATF recommendations), although Cuba's specific implementation might be tailored. This would include customer due diligence, transaction monitoring, record-keeping, and suspicious activity reporting.
licensing 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 Cuba's legal framework for anti-money laundering, counter-terrorism financing, and non-proliferation is now implemented through specific regulations like Resolution 86/2026, rather than solely as a single law with the exact name cited. Overview: This is the foundational and comprehensive AML/CFT law in Cuba. It establishes the general obligations for all financial institutions and designated non-financial businesses and professions (DNFBPs), including VASP-like entities, to implement measures to prevent and detect money laundering and terrorist financing. It aligns with FATF Recommendations. Source: Published in the Gaceta Oficial de la República de Cuba. URL (Gaceta Oficial): https://www.gacetaoficial.gob.cu/ (You would search for "Ley 143/2021" on this site). Resolución No. 215/2021 del Banco Central de Cuba (BCC) Resolution 215/2021 has been supplemented or superseded by a newer law granting the Central Bank of Cuba and the Ministry of the Interior joint authority to freeze financial accounts without warning. 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.
sanctions 31 CFR § 515.201: Prohibits transactions by "U.S. persons" (and persons subject to U.S. jurisdiction) relating to property in which Cuba or a Cuban national has an interest, unless licensed or exempt. 31 CFR § 515.204: Prohibits financial and other transactions with Cuba, Cuban nationals, or any property in which Cuba or a Cuban national has an interest. The Cuban Assets Control Regulations (CACR) at 31 CFR part 515 have been supplemented by new secondary sanctions imposed under Executive Order 14404, expanding the sanctions framework beyond the original CACR text. The OFAC Cuba Sanctions Program page exists but is outdated as of 2026; new sanctions under Executive Order 14404 (May 1, 2026) and additional measures targeting Cuban officials and foreign enablers have expanded beyond the original program framework. The prohibitions apply broadly to U.S. persons, and have been expanded to include sanctions against non-U.S. persons under new executive orders. Any U.S. citizen or permanent resident, wherever located. Any person physically in the U.S. Any entity organized under U.S. laws (including foreign branches).
securities The United States maintains strict sanctions against Cuba, including restrictions on financial transactions involving cryptocurrencies and digital assets, under 31 CFR Part 515 – Cuban Assets Control Regulations. Compliance with U.S. sanctions is mandatory for entities engaging in cryptocurrency activities related to Cuba, necessitating rigorous AML/KYC measures and licensing where applicable. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) administers sanctions targeting Cuba, which indirectly impact the cryptocurrency sector by restricting financial services and requiring compliance with stringent regulations. Cuban regulatory bodies have yet to establish comprehensive frameworks specifically addressing cryptocurrencies, leading to a reliance on existing AML/CFT guidelines adapted from international best practices. Engaging in cryptocurrency transactions involving Cuba generally requires a license from OFAC, highlighting the need for entities to navigate complex licensing procedures. The absence of clear Cuban licensing mechanisms necessitates adherence to U.S. sanctions, complicating cross-border cryptocurrency activities. Entities processing cryptocurrency transactions linked to Cuba must implement robust AML/KYC protocols, including customer due diligence and ongoing monitoring, to prevent sanctions violations. Enhanced reporting requirements for suspicious activities are critical to maintaining compliance with both U.S. and Cuban AML/CFT frameworks.
stablecoin Cuba has enacted a new law granting the Central Bank of Cuba and the Ministry of the Interior joint authority to freeze bank accounts without notice, superseding or modifying the framework of Resolution 215/2021. Cuba's Resolution 216/2021 has been superseded by a subsequent rule granting the Ministry of the Interior and the Central Bank of Cuba joint authority to freeze bank accounts without notice. No Specific Classification: Cuban regulations, particularly Resolution 215/2021, do not provide a specific classification for stablecoins as e-money, payment tokens, or securities. Stablecoins are treated simply as a type of "virtual asset" (activo virtual) alongside other cryptocurrencies. Definition of Virtual Asset: Resolution 215 defines a virtual asset as "a digital representation of value or rights that can be digitally transferred and stored and used for payment or investment purposes, and that can be negotiated or transferred electronically." This broad definition encompasses stablecoins without distinguishing them based on their pegging mechanism. No Specific Stablecoin Reserve Requirements: The existing resolutions (215 and 216) do not outline specific reserve requirements for stablecoin issuers. General Prudence: Any entity authorized to operate with virtual assets would likely be subject to general prudential requirements and capital adequacy rules as determined by the BCC, but these are not tailored to the asset-backing of a stablecoin. The emphasis is on the financial soundness of the service provider, not the specific asset they are managing. Central Bank Authorization Required: According to Resolution 215/2021, the use of virtual assets in commercial transactions between natural persons and companies, and the provision of virtual asset services, are subject to authorization by the Central Bank of Cuba. Resolution 216/2021 further details the licensing requirements for Virtual Asset Service Providers (VASPs). Any entity, whether public or private, natural or legal person, that intends to operate with virtual assets, including potentially issuing a stablecoin, must apply for and obtain a license from the BCC. The BCC will grant licenses for specific activities related to virtual assets, such as exchange services, custody, or other related financial services.
status Cuba has not enacted any specific law, decree, or resolution that directly regulates cryptocurrency or digital assets as of 2025–2026, based on the official Gaceta Oficial listings reviewed. GACETA OFICIAL DE LA REPÚBLICA DE CUBA MINISTERIO DE JUSTICIA No entity has been licensed to operate a cryptocurrency exchange, wallet service, or digital asset business in Cuba, because no legal framework exists to grant such licenses. Legislaciones Cubanas - Gaceta Oficial | The practical reality is that cryptocurrency activities occur in a legal gray zone, with no official guidance, no registration pathway, and no enforcement cases reported in the official gazette. sistema empresarial - Gaceta Oficial | Businesses considering digital asset operations in Cuba face complete regulatory uncertainty, as the government has not issued any rules on AML/KYC, taxation, or licensing for this sector. Normas Cubanas de Información Financiera - Gaceta Oficial | The Gaceta Oficial de la República de Cuba is the official government gazette that publishes all binding legal norms; its index of current legislation contains no entry for cryptocurrency, virtual assets, digital currency, or blockchain as of the latest available update. Legislaciones Cubanas - Gaceta Oficial | The only financial-sector law referenced in official listings is Decreto-Ley 66 "De los Contratos Bancarios" (On Banking Contracts), which governs traditional banking relationships and contains no language on digital assets. Legislaciones Cubanas - Gaceta Oficial | New commercial legislation enacted in 2024 — Decreto-Ley 88/2024 "Sobre las micro, pequeñas y medianas empresas" (On micro, small, and medium-sized enterprises) — includes no provisions for crypto businesses or virtual asset service providers. GACETA OFICIAL DE LA REPÚBLICA DE CUBA MINISTERIO DE JUSTICIA Decreto-Ley 89/2024 "De las cooperativas no agropecuarias" (On non-agricultural cooperatives) and Decreto-Ley 90/2024 "Sobre el ejercicio del trabajo por cuenta propia" (On self-employment) regulate general business activity but remain silent on cryptocurrency operations. Legislaciones Cubanas - Gaceta Oficial |
tax Cuba authorized Cubamax to deliver cash in dollars as a limited measure, but the United States has since escalated sanctions against Cuban regime-aligned actors and entities in 2026, tightening restrictions to prevent sanctions circumvention, meaning the claim that Cuba is broadly 'legalizing and controlling' remittances to circumvent sanctions is no longer accurate. Licensing virtual asset service providers (VASPs): Ensuring that entities dealing with crypto operate under state supervision. Resolution 215/2021 initially authorized broad use of virtual assets under BCC supervision, but a March 2026 CiberCuba report indicates the BCC has since narrowed authorization to only a limited group of SMEs and one mixed company for cross-border payments, restricting the original scope. 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. Businesses: If a licensed VASP or any other registered business engages in crypto trading as part of its commercial activity and generates profits, those profits would be subject to the general corporate income tax rate (Impuesto sobre Utilidades) applicable to businesses in Cuba, which is generally 35% for Cuban companies, with variations for foreign investment or specific sectors. General Income: Cuba has a personal income tax (Impuesto sobre Ingresos Personales). If an individual were to earn regular income from activities directly involving crypto (e.g., professional crypto mining as a sole proprietorship, running a crypto-related service, or receiving wages in crypto), this income could theoretically be considered taxable under general income tax principles. However, specific guidance or precedents are non-existent. For most citizens, this tax is primarily applied to salaries and certain freelance activities. Casual Transactions: For casual buying and selling of crypto for personal use or minor speculation, it is currently not considered taxable income for individuals.
travel rule No, not the specific FATF Travel Rule. Cuba's primary regulation, Resolution 215/2021 from the Banco Central de Cuba (BCC), focuses on authorizing, licensing, and supervising VASPs within Cuba and requiring them to implement general AML/CFT measures. It mandates a risk-based approach, customer due diligence, and reporting of suspicious transactions. However, it does not explicitly detail the requirement to collect and transmit originator and beneficiary information for all VA transfers above a certain threshold, which is the core of the Travel Rule. The primary regulation governing virtual assets in Cuba is Resolution 215/2021 of the Banco Central de Cuba (BCC), published in the Official Gazette No. 70 Extraordinary on August 26, 2021. It came into effect 90 days after its publication, meaning it became effective around November 24, 2021. Since the specific FATF Travel Rule is not explicitly adopted, there are no defined threshold amounts for the collection and transmission of originator and beneficiary information on VA transfers. The existing regulation emphasizes a risk-based approach for general AML/CFT, but not specific Travel Rule thresholds. Resolution 215/2021 covers any legal entity operating in Cuba that intends to provide virtual asset services to the public or other entities. These services include, but are not limited to: Exchange between virtual assets and fiat currencies. Exchange between different forms of virtual assets.

Sources

This report is AI-generated from publicly available regulatory sources. Last updated: 2026-09-06. View full profile