Belarus’s president issues a proclamation promoting cryptocurrency freedom of circulation

The regulation establishes the legal framework for Belarus Hi-Tech Park to establish a registry of cryptocurrency wallets used in unlawful operations.

Belarusian President Alexander Lukashenko has signed a proclamation formally endorsing the free circulation of cryptocurrencies such as Bitcoin (BTC).

According to Lukashenko’s press office, the president signed a decree Monday titled “On the registration of virtual wallet addresses and the circulation of cryptocurrencies.”

The paper establishes a legal framework for Belarus Hi-Tech Park to create and monitor a record of cryptocurrency wallet addresses used in criminal activity. The decree document specifies the procedure and requirements for the government’s seizure of cryptocurrencies from offenders.

The directive aims to safeguard cryptocurrency investors from possible losses and to “avoid accidental participation in illegal operations.”

Belarus, the statement notes, has chosen a pro-cryptocurrency stance: “Belarus is steadily expanding the legal framework for regulating activities involving digital assets and, unlike many other jurisdictions, permits for their unfettered circulation.”

Belarus’ Council of Ministers is obligated to implement suitable steps to execute the decree within three months of its publication, the document states.

Lukashenko’s most recent step in the Belarusian crypto regulatory environment reinforces the country’s commitment to cryptocurrency growth, including mining and trade. Lukashenko urged the government to manufacture cryptocurrency using idle electricity infrastructure in September 2021. Previously, Belarusbank, the country’s biggest financial institution, purportedly started a cryptocurrency trading business.

While Belarus seems to be progressing toward bitcoin acceptance, several of its main economic and political allies have lagged behind in terms of cryptocurrency legislation.

Russia, which passed its “On Digital Financial Assets” legislation in January 2021, continues to face regulatory uncertainty as the country’s numerous financial agencies disagree on how to govern crypto. Despite the Russian government’s official approval last week of the notion of cryptocurrency regulation, the Bank of Russia continues to resist crypto adoption.

According to local sources, the Russian central bank planned another attempt on Tuesday to prohibit cryptocurrency circulation in the country.

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