Belarus Officially Supports Cryptocurrency Circulation

The government of Belarus, with the approval of President Alexander Lukashenko, has officially declared its support for the free circulation of cryptocurrencies like Bitcoin.

Belarus officially supports the circulation of cryptocurrencies

As a country sandwiched between Russia and the European Union, Belarus has long offered a crypto-friendly atmosphere for cryptocurrency and blockchain technology-based businesses.

President Lukashenko’s office announced on Monday that he had signed a decree entitled “On Registration of Virtual Currency Wallet Addresses and Circulation of Cryptocurrency.”

The hint reads:

“Belarus is continuously developing the legal field to regulate activities related to digital assets and, unlike many other countries, allows for the free circulation of digital currencies. At the same time, this requires constant monitoring of the situation and, if necessary, supplementation and specification of regulatory standards. Included to exclude instances of funding of prohibited activities.”

According to the decree, Belarus is continuously developing a legal framework to regulate digital assets, and unlike most countries, the former communist republic has given the green light for the free movement of assets.

The document highlights the legal basis for the so-called Hi-Tech Park to track registered crypto wallet addresses used for illegal activities. The decree states that the main purpose of the Belarusian government is to “protect participants in the digital asset market from loss of assets and prevent unintentional participation in activities prohibited by the law”.

The document also states that the Cabinet of Ministers in Belar is mandated to issue the presidential decree within three months of its publication.

Belarus is an inherently crypto-friendly country

Crypto regulations of Belarus started in 2018 when the government legalized cryptocurrency trading and also introduced tax breaks for individuals and companies related to cryptocurrencies. This is part of the strategy to make Belarus an international technology paradise by attracting foreign investors to participate with comfortable and efficient conditions.

In 2020, the State Bank of Belarus launched its own cryptocurrency exchange platform. Late last year, President Lukashenko proposed using the country’s surplus power to mine cryptocurrencies.

As Belar continues to build an ecosystem where cryptocurrency projects and startups can operate freely within the country without worrying about regulatory scrutiny, neighboring Russia is lagging behind. The country’s central bank again proposed on Tuesday to ban the circulation of cryptocurrencies in Russia.

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