President Lukashenko signs decree regulating circulation of cryptocurrencies in Belarus

The President of Belarus Alexander Lukashenko has signed a decree to ratify the free circulation of cryptocurrencies in Belarus. 

Decree No 48 “on the register of virtual wallet addresses and the circulation of cryptocurrency” was signed by Lukashenko on Monday, in a move that will provide Belarusian crypto-currency regulator Hi-Tech Park with a legal basis to hold a register of addresses of virtual wallets used in illegal activities.

Earlier this year, Bloomberg reported  how Belarus’ cryptocurrency regulator, Hi-Tech Park, does not have plans to tighten its liberal bitcoin-related legislation. “Restrictive changes to the existing regulatory model are not currently foreseen,” the press service of Hi-Tech Park told Bloomberg.

The decree has been signed by Lukashenko with the aim of protecting investors, and will be enforced by the Council of Ministers within the three months following its publication.

“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 official announcement read.

Belarus is a relatively crypto friendly nation, and in 2018 the president introduced a decree “On the development of the digital economy” which introduced tax breaks for companies involved with digital assets.

The latest decree reaffirms the nation’s crypto-friendly stance, and despite greater regulatory scrutiny, the regulatory framework that is being put in place is intended to encourage investment funds to place money into digital currency.

With the industry growing at a rapid pace, nation’s such as Belarus are leading the way with their plans to regulate the industry, while passing decrees to ensure its crypto-related legislation protects its citizens.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.