Belarus proposes refining its cryptocurrency legislation

The State Control Committee, the National Bank and the Belarusian government want to “clarify certain provisions of the legislation and establish the necessary level of control” over operations with digital assets. President Alexander Lukashenko said this at a meeting, local media report.

“The use of digital tokens (tokens) and cryptocurrencies has become commonplace in many countries around the world. They are accepted as an additional means of payment on a par with traditional money,” he said.

In this context, many countries are developing rules to prevent the legalization of criminal proceeds, the financing of terrorism, and preclude preconditions for various forms of criminal activity, Lukashenko noted.

Regulators in Belarus also intend to draft similar regulatory norms.

First Deputy Prime Minister Nikolai Snopkov, at the conclusion of the meeting, stated, that the administration of the High Technologies Park (HTP) should be vested with powers to supervise the activity of cryptocurrency exchanges.

In 2018 a decree came into force in the country, allowing residents of the High Technologies Park to conduct cryptocurrency operations, to operate as a crypto-platform operator or as an exchange operator.

Subsequently, the National Bank of Belarus, with the assistance of the FATF, approved the rules regulating the crypto industry.

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