Cuba's central bank authorizes 10 firms to use crypto for cross-border payments

Cuba's Central Bank (BCC) has, for the first time, granted authorization to 10 companies—nine small, medium and micro enterprises plus one joint venture—to use cryptocurrencies to settle international payments, ME News reported on March 31 (UTC+8). The approvals are valid for one year and can be renewed upon application. Use of crypto assets is limited to cross-border payments tied to each company's core business activities, and transactions must be executed via virtual asset service providers (VASPs) licensed by the BCC. Authorized firms must also file quarterly reports with regulators, disclosing transaction volumes, the cryptocurrencies used and details of any intermediary service providers. The BCC has regulated virtual assets since 2021. In April 2022, it allowed the use of Bitcoin and other cryptocurrency platforms, subject to official authorization. The latest move marks the first time Cuban companies have been licensed to directly conduct international payment operations. (Source: Foresight News)