Country overview

#88
Cuba

Country stats

Rating Points
163
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
null%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
Empty
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
100
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
0
Total amount of crypto users out of the country's total population based on public data.
Taxation points
6
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
97
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
Legally allowed
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
No info
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
Considerable danger
The overall level of security in a given country based on open data.
Crypto Salaries
No info
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No data
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
No data
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
Sanctions
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
Crypto-to-crypto
This license type allows VASP to provide legal exchange from one cryptocurrency to another.
Crypto-to-fiat
This type of license regulates the exchange from cryptocurrency to fiat.
Wallet/Custody
This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.
Good
Medium
Bad
intro

In Cuba, the purchase of foreign currency is limited and it looks like this country has the same policy to crypto exchange. Cryptocurrency can only be purchased (1) through P2P services, which allows the population to maintain their savings in conditions of high inflation. For instance, last year, it was 980%. However, there is a law which regulates VASPs.

Security level

Cuba has a considerable danger security level according to our rating. Jurisdiction has 67.8 points (from 100) for safety level in Numbeo crime rating (2). Homicide level (3) is 4.4 per 100,000 inhabitants a year. Level of firearm-related death (4) 0.50 per 100,000 inhabitants a year.

Crypto Payments

More precise information on regulation is needed. A ban is possible since foreign currency transactions are strictly controlled. Please contact with us, if you have more detailed information.

Crypto Salaries

Currently, we have no information about any legal act which regulates crypto salaries in Cuba. However, according to our information, the government strictly regulates foreign currency transactions in the country, and it must be the same with crypto. If you have any feedback on this topic, please write us.

Legal

In August 2021 the Central Bank of Cuba (BCC) has published (5) resolutions dedicated to crypto regulation in the country. The purpose of the resolution is to “establish the rules based on which the Central Bank of Cuba regulates the use of certain virtual assets in commercial transactions, as well as the granting of licenses to virtual asset service providers for operations related to financial activity. , exchange and collections or payments, in and from the national territory.”

The resolution defines the terms cryptocurrency and VASP. It also allows BCC to authorize “the use of certain virtual assets in commercial transactions and grant licenses to virtual asset service providers”. You can check the Resolution №215 text here (6). The resolution also prohibits (7) to state authorities, social and political organization to use cryptocurrency.

Taxation
Tax nameIndex
PIT tax Min15
PIT tax Max50
Corporate tax (CIT)35
Min Individual CGT (for crypto)35
Max Individual CGT (for crypto)35
PIT

Personal income tax in Cuba is based (9) on a progressive tax rate system. The tax rates range from 15% to 50%, depending on the level of income earned. Deductions and exemptions are available to individuals, which can reduce their taxable income.

CIT

Companies with total foreign ownership are taxed (10) at a rate of 35%.

CGT

Capital gains are taxed (11) as ordinary corporate income 35%