2024: President of Belarus Alexander Lukashenko banned the purchase and sale of cryptocurrency outside Belarusian crypto exchanges
On September 17, 2024, President of Belarus Alexander Lukashenko signed Decree No. 367, which prohibits the purchase and sale of cryptocurrency outside Belarusian crypto exchanges and exchangers. According to the new law, the restrictions apply to both individuals and individual entrepreneurs, including residents of the High-Tech Park. This decision is aimed at creating a transparent and controlled environment for operations with digital assets and preventing illegal actions related to cryptocurrencies, the statement on the official website of the President of Belarus says.
According to BeInCrypto, the main goal of the decree is to strengthen the protection of citizens and reduce the risks associated with fraud and withdrawal of funds outside the country through cryptocurrency platforms. The document emphasizes that now any operations with digital signs (tokens), including cryptocurrencies, must be carried out exclusively through crypto exchanges and exchangers registered in Belarus. In particular, the authorities seek to prevent the use of cryptocurrencies to withdraw funds stolen from bank accounts through foreign platforms.
According to the publication, plans to introduce such measures became known back in 2023, when work began on the relevant legislative acts. The decree also provides for administrative responsibility for violations of the established rules, but specific penalties have not yet been determined. The Council of Ministers of Belarus must submit its proposals on this issue by June 1, 2025.
Belarus already has experience in regulating the cryptocurrency market. One of the key documents in this area was Decree No. 8 "On the Development of the Digital Economy," which was adopted earlier and legalized mining, exchange, storage of cryptocurrencies, although they are not recognized as legal tender in the country. There is also a decree No. 48 "On the register of addresses (identifiers) of virtual wallets and the peculiarities of cryptocurrency turnover," which introduced additional requirements for registering virtual wallets and regulating their[1]
2023: Crypto brokers legalized in Belarus
The high-tech park in Minsk officially regulated the activities of crypto brokers. This became known in November 2023.
According to the BelTA agency, at the regular meeting of the HTP Supervisory Board, the rules and requirements for activities related to transactions with digital signs (tokens) in the interests of third parties were approved. The peculiarity of the Belarusian regulations, in particular, is that the broker will be obliged to make transactions on his own behalf, and not on behalf of the client.
Crypto brokers are engaged in acquisitions and other transactions with in the cryptocurrency interests of their clients. They can work only with the help of special operators - residents of the High-Tech Park. This means that in order to legalize its activities, the company needs to acquire the status of a HTP resident. Only companies registered in Belarus can receive resident status.
In addition to operations with cryptocurrency, crypto brokers have the right to provide consulting services aimed at:
- clarification of issues related to the execution of transactions with tokens, their storage;
- analysis of the token market to develop recommendations for the formation of investment (trading) strategies and investment portfolios, minimizing customer risks when working with tokens
In addition to resident status, in order to obtain the status of a crypto broker, companies need to form an authorized fund of at least 500 thousand Belarusian rubles (about $170 thousand). Employees of the company for carrying out direct transactions and consultations are required to have a certificate of a specialist in the securities market of the first category.
There are also restrictions on crypto broker clients. Thus, the crypto broker does not have the right to provide services to minors, non-residents of the Republic, as well as organizations included in the list of terrorist. In addition, citizen clients Belarus will be required to pass a test survey that checks their knowledge of cryptocurrencies and certifies that the client fully understands the risk associated with crypto operations.[2]
2022:70 criminal cases opened in Belarus for illegal bitcoin transactions
In Belarus, in 2022, more than 70 criminal cases were opened for illegal bitcoin transactions. Vasily Gerasimov, chairman of the State Control Committee of the republic, announced this in June 2023.
According to him, cryptocurrency has some features of cash and, accordingly, is characterized by similar risks, that is, cryptocurrency can be used for completely different purposes, including illegal ones.
 | A new challenge has appeared - these are virtual assets, digital tokens. They attract more and more interest of subjects, as they contribute to the unregulated movement of capital. Digital transfers can be made instantly and with very low commissions, which bribes many subjects, he said. |  |
Gerasimov noted that in their work, controlling and law enforcement agencies face the same type of problems inherent in the entire market. In particular, the decentralization of the crypto market and the anonymity of participants in operations leads to the impossibility of creating clear algorithms for controlling transactions. In addition, the possibilities of providing legal influence on foreign cryptocurrency platforms are limited, added the head of the State Control Committee of Belarus.
He stressed that the developed technologies allow the committee to identify schemes involving digital assets. The Financial Monitoring Department and the Financial Investigations Department are involved in tracking transactions in the country. By the end of June 2023, the department is developing criteria for suspicious financial transactions that will bring to the banking system.
| | They refuse to make such a payment and provide information to us, and we are already further figuring out what the essence of the matter is, "Gerasimov added.[3] | |
2021: "You can rivet this currency." President of Belarus Lukashenko supported the construction of mining farms
On January 5, 2021, President of Belarus Alexander Lukashenko, during a visit to the Horizon Innovation Center, announced his support for mining farm construction projects.
Lukashenko remembered someone's proposal to build mining farms in Belarus. Under the conditions of the launch of the BelNPP, this idea can be developed, and the electricity of this nuclear power plant can be used to extract cryptocurrencies.
| | They said, you know, we want to build farms and develop mining - bitcoin, but we need to have cheap electricity. But with $6 thousand - the price of zabitkoin - it was bad. But now $33, however, over the past day there has fallen by 10%, but still more than $30 thousand. So with any electricity, you can build these farms, as they call them , and rivet this currency. So this is a question already resolved and electricity - to be, - said the head of state (quote from the portal Tut.by). | |
As of 14:00 on January 6, 2021, the bitcoin exchange rate is $34 279. In recent weeks, this cryptocurrency has risen in price, updating the highs almost every day.
In Belarus, cryptocurrencies have been legalized since December 2017 after the adoption of the Decree on the Digital Economy. The industry is exempt from taxes until 2049, and citizens of the country not only can own digital money, but also change, buy and sell for Belarusian rubles and currency, such actions do not need to be declared.
According to Lukashenko, with the adoption of the Decree, Belarus not only created conditions for the development of the IT sphere, but also acquired unique competitive advantages to attract technologies, capital and, most importantly, smart and talented people from all over the world.
| | This Decree, along with a package of decisions made for business, should allow Belarus to take the path of advanced development, the head of state believes.[4] | |
2020: The largest bank of Belarus began to exchange cryptocurrencies
On November 13, 2020, Belarusbank announced the launch of a cryptocurrency exchange service. This project was implemented by the largest credit institution in Belarus together with the startup WhiteBird. Read more here.
2017: Cryptocurrency and ICO legalized in Belarus
President of Belarus Alexander Lukashenko signed a decree "On the Development of the Digital Economy" in December 2017, which legalizes ICO, cryptocurrencies and smart contracts[5].
According to A. Lukashenko, the main goal of the document is to create such conditions that world IT companies come to Belarus, open their representative offices, development centers and create a product in demand in the world.
In addition, as BelTa writes, the decree until 2023 exempts individuals from tax on mining and the purchase of tokens. Also, this activity is not subject to declaration, since it is not entrepreneurial.
"The second purpose of the decree is to invest in the future. These are IT personnel and education. The third is the introduction of the latest financial instruments and technologies. The world's leading economies are still eyeing this new phenomenon. Belarus is actually becoming the first state in the world to open up ample opportunities for using blockchain technology. We have every chance to become a regional center of competence in this area, "Alexander Lukashenko said.
The head of state stressed that he supported all the proposals of entrepreneurs, no matter what difficult topics they touch upon. "We have advanced people who have already thought about how to do this. I thought this: we don't have this today, if something is good - plus, if it is negative - I know who to ask, "he said.
Moreover, the President noted, with the adoption of the decree, Belarus will not only create conditions for the development of the IT sphere, but also acquire unique competitive advantages to attract technologies, capital and, most importantly, smart and talented people from all over the world.
On December 22, Boris Titov, the Presidential Commissioner for the Protection of the Rights of Entrepreneurs, commented on the news of the legalization of mining and operations with cryptocurrencies in Belarus.
"Technology development is good, but Belarus has very expensive electricity, so mining will not develop there," Titov said. - They legalized the turnover of bitcoin, this is a slightly different story. In principle, such an "offshore zone" for bitcoin could appear, but Belarus is not the most reliable territory for offshore zones. From there, a lot of IT companies left, because they felt pressure from the authorities on their property. We must look at how everything will develop. "
Boris Titov recalled that the Growth Strategy program developed by the Stolypin Club contains proposals for the legislative design of cryptocurrencies in Russia. According to the plan, the Central Bank of the Russian Federation should create the so-called "regulatory sandbox," within which the quality and reality of projects will be confirmed by the unification of market players. Thus, the risks of investors will be significantly reduced.
Notes
- ↑ use. President of Belarus signed a decree on the circulation of digital tokens
- ↑ HTP regulated the activities of crypto brokers
- ↑ Chairman of the KGC: it is necessary to ensure transparency in the field of cryptocurrency mining and token circulation
- ↑ Alexander Lukashenko spoke about mining bitcoins
- ↑ Cryptocurrency and ICO have been legalized in Belarus
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