The government of Belarus implemented a presidential decree that allows the state to take control over digital currency assets. This will give Minsk law enforcement officials the power to seize any crypto assets that are linked to criminal activities.
The Confiscation and Use of Digital Coins is Regulated by the Justice Ministry in Belarus
According to Forklog, the Ministry of Justice of Belarus established a procedure that allows the seizing of crypto funds in enforcement proceedings.
The measure aims to implement a decree by President Alexander Lukashenko pertaining to the country’s crypto space. It was signed by President Alexander Lukashenko in February and orders creation of a register that will allow crypto wallet addresses to be used illegally.
According to the justice ministry, authorities in the criminal proceedings will be able to report on the forfeited or seized crypto funds. Its document dated April 14 also covers the foreclosure of digital assets as part of confiscations of debtors’ property and regulates their valuation.
The government in Minsk had three months to take the necessary steps to implement Lukashenko’s latest crypto-related order after which it will enter into force.
Belarus legalized crypto activities through a presidential decree that was issued in late 2017. It was enforced May 2017 by the Belarusian government. It introduced tax breaks and other incentives for crypto businesses operating as residents of the Hi-Tech Park (HTP) in Minsk within efforts to develop the country’s digital economy.
Former Soviet republic is a strong ally of Russia and does not allow cryptocurrency to be used in payment. According to Chainalysis’ Crypto Adoption Index, Belarus is third in the region for crypto adoption. This is largely because of strong peer-to–peer activity.
In March last year, Lukashenko hinted at a possible tightening of the country’s crypto regulations and referred to China’s policies. HTP officials clarified later that Belarusian authorities do not plan to adopt tighter regulations in this area. What’s more, in February of this year, the Ministry of Finance proposed amendments that will allow investment funds to acquire digital assets.
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