Belarus Restricts Cryptocurrency Transactions for Individuals Outside High-Tech Park
On September 17, Belarusian President Alexander Lukashenko signed a decree titled “On the Circulation of Digital Tokens.” It prohibits individuals and sole proprietors who are residents of the High-Tech Park (HTP) from buying and selling cryptocurrencies outside Belarusian exchanges and exchangers.
The decree has already come into effect. Similar restrictions for legal entities have been in place since 2017.
The authorities explained this decision as a measure to protect citizens in cryptocurrency transactions and to prevent the use of such assets for fraud and other illegal activities.
“This will contribute to the development of transparent and controlled circulation of digital tokens and prevent the outflow of funds stolen from citizens’ bank accounts by exchanging them for cryptocurrency on foreign platforms,” the decree’s explanation states.
Penalties for violating the new rules have not yet been determined. The Council of Ministers will propose measures for administrative liability by June 1, 2025.
Currently, eight bitcoin exchanges and two exchangers are registered in the HTP.
One of the residents is the WhiteBird platform. In a comment to ForkLog, Maxim Shabanov, Director of CJSC “White Bird,” stated that individuals and sole proprietors who are HTP residents can only interact with the operators specified in the decree for buying and selling crypto assets for fiat (Belarusian rubles, foreign currency, electronic money).
“We believe the decree restricts individuals and sole proprietors from conducting buy-sell transactions among themselves but does not prohibit exchanging one cryptocurrency for another on foreign exchanges,” he said.
Shabanov added that registration in the HTP is available to legal entities and sole proprietors who are residents of Belarus. A foreign company must first establish a local legal entity.
Back in July 2023, the Belarusian Ministry of Internal Affairs announced the ban on cryptocurrency exchanges between individuals outside HTP platforms.
In recent years, the country’s authorities have repeatedly cracked down on illegal exchangers in the country.
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