Belarus implements comprehensive cryptocurrency regulation

After previously implementing a decree regulating cryptocurrency activities in Belarus, the country's government has now adopted a detailed regulatory framework proposed by the High Technology Park (HTP).

HTP is a special economic zone in Belarus, which operates on the principle of “extraterritoriality”, that is, companies anywhere in the country registered in the Park can take advantage of their registration. This zone was created to promote digital innovation, and its participants can use a special tax and regulatory environment to their advantage.

In 2017, Belarus published its Decree No. 8 entitled “On the Development of the Digital Economy”, which provided legal conditions for cryptocurrency companies and ICOs.

The HTP administration collaborated with the National Bank of Belarus, the Financial Monitoring Department of the State Control Committee, international experts and other bodies to publish a set of regulatory documents and requirements for enterprises related to cryptocurrency.

The requirements in the new documents comply with established financial regulations and also take into account external rules. For example, personal data protection standards are equivalent to the EU Data Protection Regulation.

Regulators have adopted rules to ensure full legal regulation of cryptocurrency businesses in the country. The requirements cover new entrants into the crypto space, platform operators, ICOs and cryptocurrency exchanges, as well as “internal control rules.” The latter relate to anti-money laundering (AML), countering the financing of terrorism (CFT) and know your customer (KYC).