Belarus President Signs Free Flow Crypto Decree

BlockchainBelarus President Signs Free Flow Crypto Decree


Belarusian President Alexander Lukashenko has signed a decree that will allow the free circulation of cryptocurrencies. 

The Council of Ministers will implement the order within three months of its publication. However, the move will also give the national cryptocurrency regulator Hi-Tech Park (HTP) authority to create a register for crypto wallet addresses that are or can be used for illicit purposes.

Lukashenko signed the order with an aim to “protect participants in the digital asset market from loss of property and prevent unintentional involvement in activities prohibited by law,” the president’s press service announced.

The official announcement also said that “Belarus is consistently developing the legal field for regulating activities related to digital assets, and, unlike many other states, allows the free circulation of digital currencies. At the same time, this requires constant monitoring of the situation and, if necessary, supplementing and clarifying regulatory norms, including to exclude cases of shadow financing of prohibited activities.”

The document also specifies the procedure and standards for the government’s seizure of cryptocurrencies from offenders.

According to the document, wallet addresses will be added to the register if law enforcement agencies obtain data suggesting illegal operations or transactions related to extremism and terrorism.

Lukashenko has been a proponent of cryptocurrencies and has been reinforcing the country’s focus on cryptocurrency development, including cryptocurrency mining and trade.

In September 2021, Lukashenko called on his fellow citizens to mine cryptocurrency using unused electricity infrastructure.

Crypto activities in Belarus were legalised in 2017 after a presidential decree was signed and it was enforced in May of the following year. Tax breaks and other incentives for crypto businesses were also introduced accordingly.

Belarus ranks third in Eastern Europe in terms of crypto adoption even though cryptocurrencies cannot be used as legal tender, according to the Crypto Adoption Index by blockchain analytics firm Chainalysis. 

Image source: Shutterstock



Learn more

Latest news

Australian Crypto Exchange Swyftx Cuts 90 Jobs Amid Crypto Winter

The job cuts would equate to a reduction of almost 45% of Swyftx's workforce. Learn more

Bitcoin Sinks Further 70% in Standard Chartered List of Possible 2023 Upsets

(Bloomberg) -- Speculators cleaving to the view that the crypto rout is mostly over are at risk of...

Australian Crypto Exchange Announces Massive Layoffs

Alex Dovbnya Swyftx has fired more than a third of its staff, with the ongoing cryptocurrency winter becoming increasingly...

Ripple Price Analysis: Bears Active Near $0.40

Ripple price started a fresh decline from the $0.4100 resistance against the US dollar. The price is now trading...

How Secure Is Social Security?  

The long-term funding shortfall threatening Social Security has garnered so much public notice that consistently overwhelming majorities of...

CRO Price (Cronos) Pumps Over 12%, Why This Could Be The Start of Bigger Rally

CRO price started a fresh increase from the $0.062 support zone. Cronos bulls are now aiming a strong...

Must read

Australian Crypto Exchange Swyftx Cuts 90 Jobs Amid Crypto Winter

The job cuts would equate to a reduction...

Bitcoin Sinks Further 70% in Standard Chartered List of Possible 2023 Upsets

(Bloomberg) -- Speculators cleaving to the view that...

Australian Crypto Exchange Announces Massive Layoffs

Alex Dovbnya Swyftx has fired more than a third...

You might also likeRELATED
Recommended to you