The Republic of Belarus continues to form the legal framework for the crypto industry in the country. Authorities are introducing a register of crypto wallets that have been flagged for illegal activities.
Belarus continues to monitor the situation in the industry and introduce regulatory measures. The decree “On the register of addresses (identifiers) of virtual wallets and the peculiarities of cryptocurrency circulation” was signed by the president and will come into force in three months.
The decree signed by the president instructs the High Technology Park (HTP) to monitor and enter into the register the data of digital wallets that are suspected of illegal circulation of digital assets. The HTP must develop a monitoring system and ensure the functionality of such a register within three months.
The authorities are confident that such measures will protect investors and not will allow the shadow use of crypto assets to finance illegal activities.
Belarus has been supporting the development of digital technologies since 2017. The country has allowed cryptocurrency transactions and mining. Two weeks ago, the Ministry of Finance prepared amendments to the current legislation to expand the possibilities of using digital assets in the investment activities of financial organizations. The amendments offer funds the opportunity to invest client funds in cryptocurrency, and extend the tax grace period for investment funds until 2031. year.
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