Belarus plans a ban on peer-to-peer cryptocurrency exchanges.

The Ministry of Internal Affairs of Belarus готовит amendments to the legislation to ban the exchange of cryptocurrencies between individuals due to rising fraud.

According to law enforcement authorities, through exchange operations criminals “launder and convert stolen funds, transfer sums to organizers or participants in criminal schemes”.

Since the start of the year, the Ministry of Internal Affairs has disrupted the activities of 27 individuals providing illegal cryptocurrency exchange services.

“Their total illegal income amounted to nearly 22 million Belarusian rubles (over $8.7 million at the time of writing),” the agency noted.

For transparency and control, cryptocurrency exchange transactions will be allowed for citizens only through the Hi-Tech Park exchanges.

“This will make it impossible to launder money obtained through criminal activity. In such conditions, IT criminals will find it simply unprofitable to operate in Belarus,” the Ministry noted.

Earlier in June, in Minsk liquidated a major illegal cryptocurrency exchange, whose revenues amounted to at least 9 million Belarusian rubles (over $3.5 million).

Law enforcement authorities detained two men on suspicion of illegal cryptocurrency exchange and tax evasion.