Bahamas vs Cuba
Crypto regulation comparison
Bahamas
Cuba
Legal
Legal
The Bahamas enacted the Digital Assets and Registered Exchanges (DARE) Act in 2020, creating a comprehensive regulatory framework. The SCB oversees digital asset businesses. The Bahamas also launched the Sand Dollar CBDC.
Cuba's Central Bank issued Resolution 215/2021 recognizing virtual assets and establishing a licensing framework for virtual asset service providers (VASPs). The BCC evaluates and grants one-year licenses to VASPs. US sanctions limit access to international platforms but domestic crypto use is formally regulated.
Tax Type
No tax
Tax Type
Unclear
Tax Rate
0%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
No
Mining
No
Regulator
Securities Commission of the Bahamas (SCB)
Regulator
Banco Central de Cuba (BCC)
Stablecoin Rules
Regulated under DARE Act 2024; algorithmic stablecoins banned
Stablecoin Rules
No stablecoin regulation
Key Points
- DARE Act (2020) provides comprehensive regulation for digital assets and exchanges
- Securities Commission of the Bahamas licenses and supervises digital asset businesses
- No income tax, capital gains tax, or crypto-specific taxes
- Sand Dollar CBDC launched in 2020 as one of the world's first
- FTX collapse in 2022 led to enhanced scrutiny and regulatory updates
Key Points
- Resolution 215 (2021) allows central bank to license virtual asset service providers
- Central Bank licenses virtual asset service providers under Resolution 215
- VASPs must comply with AML/KYC requirements and report to the central bank
- US sanctions significantly limit access to international crypto platforms
- Government agencies may not use virtual assets without BCC authorization