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

The FATF Recommendation 15, which covers new technologies including virtual assets, has been re-rated from Partially Compliant to Largely Compliant in the 2024 follow-up report, indicating a recognized improvement in Cuba's regulatory approach to virtual assets. Cuba's progress in strengthening measures against money laundering and terrorist financing

Based on the approved follow-up procedures for the Fourth Round and the Road Map in preparation for the Fifth Round of Mutual Evaluations, Cuba concludes its Fourth-Round follow-up with the 2024 report, with a possible onsite assessment period scheduled for May 2026 and possible plenary discussion in December 2026. Cuba

Cuba's next mutual evaluation cycle is being prepared under the FATF Fifth Round framework, with the onsite assessment tentatively planned for May 2026, indicating the timeline for the next comprehensive review of Cuba's AML/CFT system. Cuba

The follow-up report covers technical compliance deficiencies identified in Cuba's mutual evaluation report (MER) and documents the progress made in addressing those deficiencies through legislative and regulatory measures. Cuba's progress in strengthening measures against money laundering and terrorist financing

The FATF country page for Cuba indicates that the assessment body is GAFILAT, and the last evaluation was conducted in December 2015, with the follow-up process extending through the February 2024 report. Cuba

Cuba's progress reports are published under the FATF Mutual Evaluations topic and are available in both English and Spanish, with the 2024 report being the most recent published assessment. Cuba's progress in strengthening measures against money laundering and terrorist financing

The FATF/GAFILAT follow-up reports for Cuba do not describe a specific licensing regime for virtual asset service providers, and no separate license categories for crypto businesses are identified in the publicly available assessment documents. Cuba's progress in strengthening measures against money laundering and terrorist financing

No entity has been publicly identified as having received a virtual asset service provider license in Cuba through the FATF/GAFILAT documentation, and the published materials do not indicate that any such licenses have been issued to date. Cuba

The FATF country page for Cuba does not list any specific licensing authorities or registration bodies for virtual asset service providers operating in the country. Cuba

No capital requirements, application fees, or processing timelines for virtual asset licenses in Cuba are specified in the available FATF/GAFILAT publications, and such figures are not part of the published assessment materials. Cuba's progress in strengthening measures against money laundering and terrorist financing

The regulatory framework described in the follow-up reports does not enumerate structural requirements for virtual asset service providers, such as board composition, local presence mandates, or compliance officer appointments, within the publicly available documents. Cuba's progress in strengthening measures against money laundering and terrorist financing

Cuba's next assessment cycle, scheduled for May 2026, may provide additional clarity on licensing and registration requirements for virtual asset service providers, but no such detail is available in the current documentation as of the February 2024 report. Cuba

The FATF follow-up report for Cuba, published in February 2024, addresses the technical compliance deficiencies identified in the mutual evaluation report and documents Cuba's progress in implementing FATF standards, including customer due diligence (CDD) requirements applicable to financial institutions and other regulated entities. Cuba's progress in strengthening measures against money laundering and terrorist financing

The re-rating of Recommendation 15 from Partially Compliant to Largely Compliant indicates that Cuba has enhanced its framework for supervising new technologies and virtual assets, which under FATF standards requires the application of AML/CFT measures including CDD obligations to virtual asset service providers. Cuba's progress in strengthening measures against money laundering and terrorist financing

Cuba's assessment under the Fourth Round of mutual evaluations covers the full range of FATF Recommendations, which include requirements for enhanced due diligence (EDD) in higher-risk situations, though the specific EDD provisions implemented by Cuba are not itemized in the published report summary. Cuba's progress in strengthening measures against money laundering and terrorist financing

The FATF framework, which Cuba is subject to through its GAFILAT membership, requires reporting entities to submit suspicious transaction reports (STRs) to the financial intelligence unit, though the published summary does not specify Cuba's exact STR threshold amounts or reporting deadlines. Cuba

Record retention requirements under the FATF standards, to which Cuba is assessed, mandate that transaction records be kept for at least five years, though the specific retention period adopted in Cuban law is not stated in the available documentation. Cuba's progress in strengthening measures against money laundering and terrorist financing

Beneficial ownership transparency is covered under the FATF Recommendations that Cuba is required to implement, and the mutual evaluation reports analyze Cuba's compliance with these obligations, including ultimate beneficial owner identification, though specific Cuban legal provisions are not quoted in the published summary. Cuba's progress in strengthening measures against money laundering and terrorist financing

Politically exposed persons (PEP) screening requirements are part of the FATF standards addressed in Cuba's mutual evaluation process, and the compliance ratings in the follow-up report cover Cuba's implementation of these obligations, though the summary does not list specific PEP provisions. Cuba

The FATF assessment ratings for Cuba cover all Recommendations, and the follow-up documents analyze technical compliance, which includes the adequacy of Cuba's legal and regulatory framework for CDD, EDD, STR, record keeping, beneficial ownership, and PEP screening across all relevant sectors. Cuba's progress in strengthening measures against money laundering and terrorist financing

The FATF country page for Cuba does not list any specific enforcement actions taken against virtual asset service providers, and no cases are identified in the published assessment materials. Cuba

The February 2024 follow-up report focuses on technical compliance rather than enforcement outcomes, and no specific penalty amounts, fines, or sanctions against named entities are documented in the publicly available summary. Cuba's progress in strengthening measures against money laundering and terrorist financing

No enforcement case involving crypto or virtual assets is referenced in the FATF platform documentation for Cuba, which addresses systemic compliance rather than individual prosecutions or administrative sanctions. Cuba

The FATF publications related to Cuba, including the 2024 follow-up report, do not contain details of any arrests, fines, or enforcement actions against licensed or unlicensed virtual asset businesses operating in Cuba. Cuba's progress in strengthening measures against money laundering and terrorist financing

No tax guidance has been issued for virtual assets in the FATF/GAFILAT documentation for Cuba, and the published assessment materials do not address tax treatment of cryptocurrency gains, capital gains, income tax, or VAT on crypto transactions. Cuba

The mutual evaluation reports for Cuba focus exclusively on AML/CFT compliance obligations under the FATF standards and do not address the taxation of virtual assets or digital assets. Cuba's progress in strengthening measures against money laundering and terrorist financing

The absence of any tax-related provisions in the FATF assessment materials means that the tax treatment of cryptocurrency transactions in Cuba must be sought from other sources, and no such guidance is available in the provided FATF documentation. Cuba's progress in strengthening measures against money laundering and terrorist financing

The available FATF documentation for Cuba, including the February 2024 follow-up report, does not provide a complete picture of Cuba's virtual asset regulatory framework, lacking specific details on licensing procedures, capital thresholds, and registration obligations for virtual asset service providers. Cuba's progress in strengthening measures against money laundering and terrorist financing

The FATF country page indicates that Cuba's next onsite assessment is scheduled for May 2026, meaning the full scope of Cuba's virtual asset AML/CFT framework will only be comprehensively evaluated at that time, creating uncertainty in the interim period. Cuba

Cuba's conclusion of its Fourth-Round follow-up with the 2024 report, combined with the upcoming Fifth Round mutual evaluation, creates a transitional risk where regulatory expectations may shift as Cuba aligns with updated FATF standards and methodologies. Cuba's progress in strengthening measures against money laundering and terrorist financing

The re-rating of Recommendation 15 to Largely Compliant, while positive, still leaves Cuba short of full compliance with FATF standards on virtual assets, indicating residual gaps in the regulatory framework. Cuba's progress in strengthening measures against money laundering and terrorist financing

A significant risk for businesses is the lack of publicly available specifics from the FATF/GAFILAT sources regarding Cuba's operational AML/CFT requirements for virtual asset service providers, including CDD procedures, STR filing deadlines, and enforcement mechanisms, which are not itemized in the published summaries. Cuba

The practical reality in Cuba is that while the AML/CFT framework has been upgraded in the FATF assessment, the absence of detailed operational guidance in the published documentation creates implementation uncertainty for businesses seeking to engage with virtual assets in the Cuban market. Cuba's progress in strengthening measures against money laundering and terrorist financing

The possible onsite period in May 2026 and plenary discussion in December 2026 represent critical milestones where Cuba's regulatory framework will face renewed scrutiny, and businesses should anticipate potential regulatory changes following this review cycle. Cuba

Cuba's progress in strengthening measures against money laundering and terrorist financing

Cuba's progress in strengthening measures against money laundering and terrorist financing - PDF Report