The decree makes it legal for Belarus Hi-Tech Park to keep a record of crypto wallets used for illegal things.
Alexander Lukashenko, the president of Belarus, has signed a decree that says the country officially supports the free flow of cryptocurrencies like Bitcoin (BTC).
He signed a decree on Monday called “On the register of virtual wallet addresses and the circulation of cryptocurrency.” Lukashenko’s press office said that on Monday.
The document gives Belarus Hi-Tech Park the legal authority to set up and run a register of crypto wallet addresses that have been used for illegal purposes. The decree document is very specific about how the government will seize cryptocurrency from people who do bad things with it.
The decree is meant to protect crypto investors from possible losses and to “prevent unintentional involvement in activities that are against the law.”
It says that Belarus has a good view of 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.”
It says that Belarus’ Council of Ministers must take action to enforce the decree in three months after it is published.
Lukashenko’s most recent move in the Belarusian crypto regulation ecosystem shows that the country is willing to support cryptocurrency development, including mining and trading. In September 2021, Lukashenko asked the government to use power that was not being used to mine crypto. Belarusbank, the country’s largest financial institution, is said to have started a crypto exchange service.
Some of Belarus’s most important economic and political partners were behind on crypto regulation, which made it hard for Belarus to keep up with them.
Russia, which passed its “On Digital Financial Assets” law in January 2021, still has a lot of uncertainty about how to regulate crypto in the country because its financial regulators keep disagreeing about how to do so. Even though the Russian government approved the idea of crypto regulation last week, the Bank of Russia still doesn’t like it.
According to local reports, the Russian central bank is going to try again to ban the use of crypto in Russia on Tuesday.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.