{"id":37762,"date":"2025-07-10T00:00:11","date_gmt":"2025-07-10T06:00:11","guid":{"rendered":"https:\/\/garciabodan.com\/?p=37762"},"modified":"2025-09-05T09:14:05","modified_gmt":"2025-09-05T15:14:05","slug":"fintech-regulation-nicaragua-bcn-publishes-guidelines","status":"publish","type":"post","link":"https:\/\/garciabodan.com\/en\/fintech-regulation-nicaragua-bcn-publishes-guidelines\/","title":{"rendered":"Fintech regulation in Nicaragua: BCN publishes operational and technological guidelines"},"content":{"rendered":"<p style=\"text-align: left;\"><span data-contrast=\"auto\">The Central Bank of Nicaragua (BCN) has issued Administrative Resolution GG-08-MAYO-2025-LASMF-DO, which approves the Regulation for the Implementation of the Standard for Financial Technology Service Providers (PSPs) and Virtual Asset Service Providers (VASPs). The regulation establishes a framework of requirements, authorizations, and obligations for entities operating in these sectors.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p style=\"text-align: left;\"><b><span data-contrast=\"auto\">License or registration application: requirements, deadlines, and operations<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p style=\"text-align: left;\"><span data-contrast=\"auto\">Legal entities interested in operating as PSPs or VASPs must submit a formal application to the President of the BCN along with the following documents:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Articles of incorporation and legal powers.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Certifications of the appointment of the Board of Directors and final beneficiary.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Criminal background checks and r\u00e9sum\u00e9s of the management team.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Detailed business plan and certificate of registration with the Financial Analysis Unit (UAF).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Deposit of 10% of the required minimum share capital.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<p style=\"text-align: left;\"><span data-contrast=\"auto\">Once the complete application is received, the BCN will carry out a technical and legal assessment to ensure regulatory compliance and will issue a resolution within a maximum of <\/span><b><span data-contrast=\"auto\">90 business days<\/span><\/b><span data-contrast=\"auto\">. <\/span><span data-contrast=\"auto\">The granted license must be published in La Gaceta, the Official Gazette, and notified to the BCN within 60 days in order to become effective.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p style=\"text-align: left;\"><span data-contrast=\"auto\">To begin operations, PSPs or VASPs must request authorization within <\/span><b><span data-contrast=\"auto\">250 days<\/span><\/b><span data-contrast=\"auto\"> of receiving their license, submitting technical, financial, and operational documentation. <\/span><span data-contrast=\"auto\">Failure to meet this deadline will render the license void.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p style=\"text-align: left;\"><b><span data-contrast=\"auto\">Technological and operational requirements<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p style=\"text-align: left;\"><span data-contrast=\"auto\">The Regulation requires that all technology platforms, whether owned or cloud-based, <\/span><b><span data-contrast=\"auto\">must be secure, scalable, and resilient, ensuring confidentiality, integrity, traceability, and availability <\/span><\/b><span data-contrast=\"auto\">of operations. <\/span><span data-contrast=\"auto\">Key requirements include:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"11\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Technology compliance report issued by an independent third party.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"11\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Enhanced customer authentication (e.g., biometrics, tokens).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"11\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Documented policies for information security, personal data protection, business continuity, and customer service.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"11\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Tamper-proof audit logs and continuous monitoring mechanisms.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"11\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Specific controls for cloud services, including contracts with SLAs, a shared responsibility matrix, and international certifications (ISO 27001, SOC 2, etc.).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<p style=\"text-align: left;\"><b><span data-contrast=\"auto\">Obligations for financial technology service providers (PSPs)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p style=\"text-align: left;\"><span data-contrast=\"auto\">PSPs authorized to issue electronic money must ensure:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"12\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Full backing of the issued electronic money with liquid funds<\/span><\/b><span data-contrast=\"auto\"> in segregated accounts (CMDE) held at authorized banks.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"12\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Immediate convertibility<\/span><\/b><span data-contrast=\"auto\"> of electronic money to fiat currency.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"12\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Operational limits<\/span><\/b><span data-contrast=\"auto\"> per customer and transaction, aligned with risk profiles.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<p style=\"text-align: left;\"><b><span data-contrast=\"auto\">Obligations for virtual asset service providers (VASPs)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p style=\"text-align: left;\"><span data-contrast=\"auto\">VASPs must implement robust security and control measures to protect clients&#8217; funds and virtual assets. Key obligations include:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Safeguarding of fiat funds<\/span><\/b><span data-contrast=\"auto\"> in segregated accounts (CMAV).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Compliance with the <strong>\u201c<\/strong><\/span><strong>Travel Rule\u201d<\/strong><b><span data-contrast=\"auto\">, <\/span><\/b><span data-contrast=\"auto\">ensuring traceability of virtual asset transfers across platforms.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Use of <\/span><b><span data-contrast=\"auto\">Blockchain monitoring tools,<\/span><\/b><span data-contrast=\"auto\"> address analysis, and AML\/sanctions risk detection.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Secure custody of virtual assets<\/span><\/b><span data-contrast=\"auto\"> through cold storage, multi-signature keys, accounting segregation, and verifiable proof of reserves.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<ul style=\"text-align: left;\">\r\n\t<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Evaluation of virtual asset projects<\/span><\/b><span data-contrast=\"auto\">, including technical and legal analysis of the issuer and whitepaper, along with end-user risk disclosures.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n<p style=\"text-align: left;\"><b><span data-contrast=\"auto\">Additional services and license transfers<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p style=\"text-align: left;\"><span data-contrast=\"auto\">PSPs or VASPs wishing to offer services beyond those already authorized must submit a request including operational, technological, and financial analysis, along with evidence of functional testing. Approval must be issued within 30 business days, and the provider will have 250 days to request authorization to launch the new service.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p style=\"text-align: left;\"><span data-contrast=\"auto\">It is important to note that the regulation prohibits the assignment, transfer, or disposal of licenses or registrations. <\/span><span data-contrast=\"auto\">These may not be used as collateral or utilized by unauthorized third parties.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nicaragua (BCN) has issued Administrative Resolution&#8230;<\/p>\n","protected":false},"author":10,"featured_media":42621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[229],"tags":[],"class_list":["post-37762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/garciabodan.com\/en\/wp-json\/wp\/v2\/posts\/37762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/garciabodan.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/garciabodan.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/garciabodan.com\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/garciabodan.com\/en\/wp-json\/wp\/v2\/comments?post=37762"}],"version-history":[{"count":2,"href":"https:\/\/garciabodan.com\/en\/wp-json\/wp\/v2\/posts\/37762\/revisions"}],"predecessor-version":[{"id":42620,"href":"https:\/\/garciabodan.com\/en\/wp-json\/wp\/v2\/posts\/37762\/revisions\/42620"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/garciabodan.com\/en\/wp-json\/wp\/v2\/media\/42621"}],"wp:attachment":[{"href":"https:\/\/garciabodan.com\/en\/wp-json\/wp\/v2\/media?parent=37762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/garciabodan.com\/en\/wp-json\/wp\/v2\/categories?post=37762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/garciabodan.com\/en\/wp-json\/wp\/v2\/tags?post=37762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}