Another decree has been signed by President Alexander Lukashenko to regulate the cryptocurrency economy in Belarus. The decree provides for the creation of a list of cryptocurrency wallets, and covers certain legal aspects related to the use of crypto currencies in the country.
The Presidential Decree aims at preventing the criminal use of Crypto Wallets
Belarusian President Alexander Lukashenko has signed a new decree that expands his country’s regulatory framework for cryptocurrencies. The move will allow the Belarus High-Tech Park (HTP), which oversees the nation’s crypto space, to create a register for crypto wallet addresses that are or can be used for illicit purposes.
The stated goal is 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 noted in an announcement. Decree № 48, “On the register of addresses (identifiers) of virtual wallets and features of the circulation of cryptocurrency” is dated Feb. 14, 2022. Lukashenko’s administration also emphasized:
Belarus continues to develop the legal framework for digital asset regulation. It allows digital currency free circulation, which is a rare feature among other countries.
Belarusian officials believe this requires “constant monitoring of the situation” and when necessary, “supplementing and clarifying regulatory norms.” That includes efforts to prevent the financing of activities prohibited by the law, which has been the main reason for the adoption of the latest crypto decree.
If authorities receive evidence that wallet addresses have been used in illegal activities or for transactions linked to extremism, terrorism and other crimes, the address will be added to this register. Authorities can also use the assistance of other cryptocurrency platforms and exchanges to seize their crypto assets.
The government in Minsk will have three months to take the necessary steps to implement Lukashenko’s order which will then enter into force. With another 2017 presidential decree, Belarus has legalized crypto activity. This decree was implemented by the Belarusian presidency in May 2017. It also provides tax breaks for businesses that use crypto currencies.
Last March, the Belarusian head of state hinted at a possible tightening of the rules for the industry, citing China’s example, but HTP officials later indicated that the authorities do not intend to adopt stricter regulations. An earlier report said that Belarus was preparing for investment funds to be able to purchase digital assets.
According to Chainalysis’ Crypto Adoption Index, which tracks blockchain analytics company Chainalysis, cryptocurrencies can not be used in Belarus for payment purposes. However, Belarus is third in Eastern Europe when it comes to crypto adoption. This is largely because of strong peer-to–peer activity. Russia and Ukraine are the other two former Soviet republics that hold the top spot in this region.
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