Belarus Lets Crypto Roam Free, President Lukashenko Signs Decree

Belarus Lets Crypto Roam Free, President Lukashenko Signs Decree

The President of Belarus has signed an approval to provide more leeway to cryptocurrencies and ensure the safety of investors.

While Belarus has not been as active in the crypto industry as its neighboring country Russia, it is seemingly making progress on the cryptocurrency framework which showed to be a challenge for a lot of countries. 

Based on the official report, Alexander Lukashenko had signed the decree to allow the Belarus Hi-Tech Park, which is an IT development cluster and the equivalent of the Silicon Valley in the United States, to create a register of digital wallet addresses and features for crypto circulation around the country.

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The register will be used to flag certain wallets that are related to any criminal activity or suspicious transactions, and protect local investors from potential scams, and, presumably, instances of scams or rug pulls:

"...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."

It is said to be implemented in three months after the document has been published, approximately right around summer.

When looking at the two most prominent CIS countries, Belarus seems to have accelerated its efforts in building a crypto industry quite early. 

Back in 2021, the President urged the government to begin using electricity surplus for crypto mining, while Russia has only begun to propose plans on legalizing Bitcoin mining in segregated areas.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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