Lithuanian Firm EBIORO UAB Granted Permission to Operate Cryptocurrency Services in Cuba

Through Resolution 8/2025 (GOC-2025-55-O11), the Cuban government has granted a license to the Lithuanian company EBIORO UAB to function as a provider of virtual asset services. This decision, detailed in the Official Gazette of the Republic of Cuba, Ordinary Edition Number 11 on February 21, 2025, paves the way for the integration of cryptocurrencies into the Cuban economy and sets a regulatory framework for such operations.

According to the official document, EBIORO UAB, headquartered in Vilnius, Lithuania, and established on January 28, 2022, applied for the license to operate within Cuban territory. The resolution permits the company to engage in the following activities:

Key Operations and Activities

Currency and Payment Transactions: EBIORO UAB is authorized to handle payments, conduct currency exchanges, and develop and manage digital platforms for these purposes.

Asset Exchange: The company can execute exchanges between virtual assets and legal tender, including both fiat and digital currencies.

Custody and Management: EBIORO UAB can safeguard or manage virtual assets and oversee digital wallets and account instruments on service platforms.

Regulatory Framework and Compliance

The license is initially valid for one year, with the option to extend for a second year, reflecting the experimental and innovative nature of these activities. Additionally, EBIORO UAB is required to adhere to stringent risk disclosure and security measures, informing clients about asset volatility, transaction irreversibility, and inherent cybersecurity and fraud risks.

This licensing is grounded in Resolution 215 of August 2021 and Resolution 89 of April 2022, documents that outline the requirements and procedures for virtual asset service providers operating in Cuba. Significant measures include:

Preventing Money Laundering and Terrorism Financing: EBIORO UAB must follow protocols set by the General Directorate of Financial Operations Investigation, including registration in the Obligated Entities Registry for the prevention, detection, and combat of money laundering and related activities.

Risk Disclosure: The company is obligated to clearly inform customers, via digital platforms, that virtual assets are not legal tender, are highly volatile, transactions are irreversible, and there are associated cyber and technological risks.

Control and Auditing: Compliance with control and custody measures established by the Central Bank of Cuba is mandatory, including periodic audits and verification of requirements such as registration in the Taxpayers Registry.

Cryptocurrency Debate in Cuba

In recent years, the discourse around cryptocurrencies in Cuba has gained traction, driven by the need to diversify and modernize a historically centralized and internationally restricted economic system. Notably, in April 2022, the Cuban government approved the use of cryptocurrencies within the national banking system, allowing both individuals and legal entities to operate with virtual assets, subject to strict oversight by the Central Bank of Cuba (BCC).

According to the resolution published at that time, obtaining a license from the BCC is essential, which evaluates 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.