Belarus President Calls for Finalization of Cryptocurrency Regulations
Belarus President Aleksandr Lukashenko urged regulators to finalize cryptocurrency and digital token regulations, emphasizing the need for comprehensive rules to ensure investor protection and financial stability. Key points from his remarks include:
- Delay in implementing regulations initially instructed in 2023.
- Transparency and new oversight mechanisms are necessary for crypto adoption.
- Violations found in transaction records of crypto platforms; many funds transferred abroad by Belarusian investors have not returned.
- Technological advancements are outpacing legislation, prompting a need for new legal frameworks.
- Regulatory bodies and the Hi-Tech Park should collaborate to draft effective regulations.
Lukashenko previously mentioned utilizing excess electricity for crypto mining, linking this to global trends and developments in Washington regarding crypto reserves.
Belarus, an early adopter of digital asset regulations through Decree No. 8 in 2017, established a framework for blockchain startups. This decree recognized digital tokens and legalized related activities while providing tax exemptions and favorable conditions for IT companies within the Hi-Tech Park.
The current regulatory framework remains incomplete, highlighting the urgency for Belarus to align its ambitions with technological growth.