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Through Resolution 8/2025 (GOC-2025-55-O11), a license has been granted for the Lithuanian company EBIORO UAB to operate as a virtual asset service provider.
The measure, published in the Official Gazette of the Republic of Cuba in its Ordinary Number 11 of February 21, 2025, lays the groundwork for the integration of cryptocurrencies into the Cuban economy and establishes a regulatory framework for such operations.
According to the official document, EBIORO UAB, based in Vilnius (Lithuania) and established on January 28, 2022, has applied for a license to operate in the national territory. The resolution authorizes the company to carry out the following activities:
- Currency exchange and payment operations: Collecting, paying, and carrying out currency exchange operations, including the development and management of digital platforms for these purposes.
- Asset exchange: Conduct exchanges between virtual assets and legal tender, encompassing both fiat and digital currencies.
- Custody and management: To safeguard or manage virtual assets and oversee instruments such as wallets and digital accounts on service platforms.
The license has an initial validity of one year, with the possibility of extension for a second year, given the experimental and innovative nature of these activities.
Additionally, EBIORO UAB must comply with strict obligations regarding risk disclosure and security measures, informing its clients about the volatility of assets, the irreversibility of transactions, and the inherent risks of cybersecurity and fraud.
The granting of this license is based on Resolution 215 from August 2021 and on the Resolution 89 from April 2022, documents that outline the requirements and procedures for virtual asset service providers to operate in Cuba. Among the most notable measures are:
- Prevention of money laundering and financing of terrorism: EBIORO UAB must comply with the protocols established by the General Directorate of Financial Operations Investigation, including registration in the Registry of Obligated Subjects for the prevention, detection, and confrontation of money laundering and related activities.
- Disclosure of risks: The company is required to clearly inform its clients, through its digital platforms, that virtual assets are not legal tender, their high volatility, the impossibility of reversing transactions, and the associated cyber and technological risks.
- Control and audit: Compliance with the control and custody measures established by the Central Bank of Cuba will be required, which includes periodic audits and the verification of requirements such as registration in the Taxpayer Registry.
In recent years, the debate over cryptocurrencies in Cuba has gained relevance due to the need to diversify and modernize a historically centralized economic system hampered by international restrictions.
In April 2022, the Cuban government authorized the use of cryptocurrencies within the national banking system, allowing both individuals and legal entities to operate with virtual assets, all under strict oversight from the Central Bank of Cuba (BCC).
According to the resolution published at that time, it is essential to obtain a license from the BCC, which assesses the legality, socioeconomic interest, experience, and specific characteristics of each project.
Among the most popular cryptocurrencies on the island are Bitcoin, Ethereum, Litecoin, and USDT.
Frequently Asked Questions about Cryptocurrency Licensing in Cuba
What does the license granted to EBIORO UAB in Cuba entail?
The license allows EBIORO UAB to operate as a virtual asset service provider in Cuba, including currency exchange operations, asset trading, and cryptocurrency custody. This step aims to integrate cryptocurrencies into the Cuban economy and establish a regulatory framework for their management.
What security measures should EBIORO UAB implement in Cuba?
EBIORO UAB must adhere to strict obligations regarding risk disclosure and security measures. This includes informing clients about the volatility of assets, the irreversibility of transactions, and associated cyber risks, as well as following protocols to prevent money laundering and the financing of terrorism.
How does the suspension of remittances by Western Union affect Cuba?
The suspension of remittances by Western Union significantly affects thousands of Cuban families who depend on this income. The decision is a response to U.S. sanctions against Orbit SA, complicating the flow of money from the United States to Cuba and forcing the Cuban government to seek alternatives, possibly through cryptocurrencies.
Could cryptocurrencies be an alternative for remittances in Cuba?
Cryptocurrencies could become an alternative to traditional remittances in Cuba, especially following the sanctions that limit conventional methods of money transfer. However, their implementation must overcome regulatory and trust challenges both locally and internationally.
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