Belarusian president signs decree creating registry of bitcoin wallets

A law regulating activity in the cryptocurrency sector has been enacted in Belarus. The corresponding decree, signed on 14 February signed, by President Alexander Lukashenko.

According to the government press service, the country allows free circulation of digital currencies, but authorities will monitor the situation and, if necessary, adjust regulatory norms.

The decree provides for the creation of a registry of virtual wallet addresses used in illicit activity. The registry will be compiled by the Park of High Technologies (ПВТ).

The basis for including wallet addresses in the registry is information received by law enforcement agencies that these addresses were used to commit terrorist or extremist activity or other administrative or criminal offences.

Accounting for seized or arrested cryptocurrencies must be carried out by the bodies conducting the criminal proceedings.

“The realisation of cryptocurrency in enforcement proceedings is carried out on a contractual basis through the operator of the crypto platform or the operator of a cryptocurrency exchange with their consent. The transfer by enforcement authorities of cryptocurrency to realisation is performed without establishing its value,” the document states.

Returns of seized assets or funds obtained from their realisation are made on the basis of decisions by the bodies conducting criminal proceedings. The amount for return must not exceed the proceeds from the sale of the cryptocurrencies.

The value of realised assets equals the actual amount of funds credited to the settlement bank accounts. Expenses, including fees and remuneration related to cryptocurrency operations within the framework of enforcement proceedings, are not reimbursed to cryptocurrency holders.

Until the seized or arrested cryptocurrencies are transferred for realisation, legal entities may not perform any operations with these assets.

The government says that the new rules will help protect participants in the digital asset market from the loss of property and prevent inadvertent involvement in activities prohibited by law.

The Council of Ministers must take measures to implement the decree within a three-month period, after which it will enter into force.

Back in March 2018 Belarus enacted the Decree on the Development of the Digital Economy, which established the framework for the use of cryptocurrency and tokens, and also introduced tax incentives for crypto operations.

In February 2022, the Ministry of Finance of Belarus prepared a number of legislative changes that, in particular, will allow investment funds to invest funds in digital assets.

In June 2020, the National Bank proposed involving banks in the creation and execution of deals with utility tokens through the mediation of Park residents (ПВТ).

Decree No. 48 by ForkLog on Scribd

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