Wednesday, May 18, 2022
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Belarus approves free circulation of cryptocurrencies in the country

Belarus President Alexander Lukashenko signed a decree endorsing the free circulation of cryptocurrencies such as Bitcoin throughout the national territory.

The decree titled: “On the registration of virtual wallet addresses and circulation of cryptocurrencies”, establishes legal frameworks and considerations for the use of cryptocurrencies at the local level, so ministers and government entities should make the changes effective in the next three months.

The document signed by Lukashenko says:

“Belarus is steadily developing the legal field to regulate activities related to digital assets and, unlike many other states, allows the free circulation of digital currencies.”

The decree also establishes the legal basis for the regulatory body Belarus Hi-Tech Park to establish and manage a registry of cryptocurrency wallet addresses that may be associated with illegal activities.

Belarus Hi-Tech Park is the country’s tax and legal regime for financial transactions.

Also, the decree details the process for the government to tax cryptocurrencies from illegal activities.

According to several analysts, this decree points more in the direction of protecting investors within the cryptocurrency space, closing spaces for activities that may constitute scams and preventing losses to all those interested by acts that constitute outright crimes.

The decree states that within the next three months, the Belarusian Council of Ministers shall adopt the corresponding measures to give effect to this ruling.

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