The decree provides a legal basis for Belarus high-tech Park to line up a register of crypto wallets used in illegal activities.
Belarusian President Alexander Lukashenko has signed a decree affirming the country’s formal support of free circulation of cryptocurrencies like Bitcoin (BTC).
Lukashenko’s press workplace proclaimed Mon that the president has signed a decree named “On the register of virtual wallet addresses and also the circulation of cryptocurrency.”
The document provides a legal basis for belarus high-tech Park to ascertain and manage a register of crypto wallet addresses utilized in dirty activities. The decree document specifically details the method and standards for seizing cryptocurrency from criminals by the govt..
The decree intends to guard crypto investors from potential losses and to “prevent unintentional involvement in activities prohibited by law.”
The announcement points out that Belarus has taken a friendly stance on cryptocurrencies:
“Belarus is consistently developing the legal field for regulating activities related to digital assets, and, unlike many other states, allows free circulation of digital currencies.”
According to the document, Belarus’ Council of Ministers is needed to adopt applicable measures to enforce the decree in 3 months following its publication.
Lukashenko’s latest move within the Belarusian crypto regulation scheme reaffirms the country’s commitment to supporting cryptocurrency development, together with crypto mining and commerce. In Sept 2021, Lukashenko referred to as on the govt. to mine crypto victimization spare power infrastructure. Previously, Belarus’ largest institution, Belarusbank, reportedly launched a crypto exchange service.
While Byelarus has apparently been moving toward cryptocurrency adoption, a number of its key economic and political partners were falling behind on crypto regulation.
( Helen Partz, Cointelegraph, 2022 )