Belarusian President Alexander Lukashenko has directed the creation of clear and transparent regulations for the country’s expanding cryptocurrency market. During a recent government conference, he emphasized the importance of monitoring global trends in digital finance and highlighted the state’s role in establishing comprehensible laws and control mechanisms for this emerging sector, marking a new experience for Belarus. Referring to his 2023 directives aimed at comprehensive rules for digital tokens and cryptocurrencies, Lukashenko noted the formation of a national framework under Presidential Decree No. 80 to regulate the crypto industry. He also stressed the need to clarify responsibilities among various government departments and the state-supported IT Special Economic Zone, the High-Tech Park. Previously, the energy minister was instructed to explore the use of Belarus’s surplus electricity for cryptocurrency mining.
While Belarus shows interest in cryptocurrency, it has expressed some resistance due to its decentralized nature. In mid-2023, the Belarusian Ministry proposed legal amendments to restrict peer-to-peer transactions of cryptocurrencies like Bitcoin. In this context, Lukashenko signed Decree No. 367, which prohibits individuals and businesses within the High-Tech Park from conducting crypto transactions outside Belarus. This decree aims to maintain state control over digital assets and promote organized and transparent circulation of digital tokens. These efforts reflect Belarus’s intention to regulate the cryptocurrency sector carefully rather than allowing it to become fully decentralized and uncontrolled. Further legal and administrative frameworks are expected to provide a secure and transparent environment for investors and users as the industry develops.
Source: binance
