Authorities in Belarus have no intentions to adopt stricter rules for the country’s crypto space. That’s despite neighboring Russia, a close partner in many areas, considering a blanket ban on а number of activities related to cryptocurrencies as suggested by the central bank in Moscow.
Belarus to Keep Favorable Crypto Regulations
Officials in Belarus do not plan to tighten the country’s regulatory framework for the crypto sector, a statement has indicated. This comes as Russia, which is a close economic ally, is mulling over a proposal to impose harsh restrictions on a range of crypto-related operations, including mining, trading, and investing.
“Restrictive changes to the existing regulatory model are not currently foreseen,” the Belarus Hi-Tech Park (HTP) said in correspondence with BNN Bloomberg. The HTP, often called “Belarusian Silicon Valley”, manages a special legal regime established to facilitate the development of the country’s IT industry, including crypto business.
Minsk legalized crypto activities such as mining and exchange with a decree signed by President Alexander Lukashenko which went into force in March 2018. It introduced tax breaks and other incentives for companies working with digital assets.
In April 2019, the Belarusian leader suggested that bitcoin farms could be built at the nuclear power plant in Grodno and in August last year he urged Belarusians to stay in their home country and start mining cryptocurrencies. That’s despite hinting at possible tightening of regulations in March.
Using cryptocurrency for payments is prohibited in Belarus but entities registered as residents of the Hi-Tech Park can issue and trade coins and tokens. In November 2020, the country’s largest banking institution, Belarusbank, launched a service allowing users to buy and sell digital currencies.
The cryptocurrency adoption index by blockchain forensics firm Chainalysis ranks Belarus third in Eastern Europe, after Russia and Ukraine, largely due to strong peer-to-peer activity in the country. Belarusians are not obliged to report their crypto transactions to tax authorities.
Belarus maintains close economic, political, and military ties with the Russian Federation, the central bank of which proposed last week to prohibit the use, issuance, and exchange of cryptocurrencies. However, the regulator’s hardline stance has been rejected by representatives of other government institutions.
Do you believe Belarus will continue to be a crypto-friendly jurisdiction regardless of the policies adopted in Russia? Share your thoughts on the subject in the comments section below.
Check live crypto rates here
Start trading today – See our list of exchanges
Good website! I really love how it is easy on my eyes and the data are well written. I’m wondering how I might be notified whenever a new post has been made. I have subscribed to your RSS feed which must do the trick! Have a nice day!
Of course, what a magnificent website and revealing posts, I will bookmark your blog.Best Regards!
Pretty! This was a really wonderful post. Thank you for your provided information.
What i don’t realize is in fact how you are now not actually a lot more neatly-liked than you may be right now. You are so intelligent. You know therefore considerably with regards to this subject, produced me individually imagine it from numerous various angles. Its like men and women aren’t interested until it is something to accomplish with Woman gaga! Your individual stuffs excellent. At all times care for it up!
I appreciate, cause I found exactly what I was looking for. You’ve ended my 4 day long hunt! God Bless you man. Have a great day. Bye
Hey there! I know this is kinda off topic but I was wondering which blog platform are you using for this site? I’m getting sick and tired of WordPress because I’ve had issues with hackers and I’m looking at alternatives for another platform. I would be fantastic if you could point me in the direction of a good platform.
Pretty great post. I simply stumbled upon your weblog and wished to mention that I’ve truly enjoyed browsing your blog posts. After all I will be subscribing in your feed and I am hoping you write again very soon!
It’s hard to find knowledgeable people on this topic, but you sound like you know what you’re talking about! Thanks
Good write-up, I’m normal visitor of one’s blog, maintain up the excellent operate, and It’s going to be a regular visitor for a long time.
Great write-up, I am regular visitor of one’s blog, maintain up the excellent operate, and It’s going to be a regular visitor for a lengthy time.
There may be noticeably a bundle to find out about this. I assume you made sure nice points in features also.
I appreciate, cause I found just what I was looking for. You have ended my four day long hunt! God Bless you man. Have a nice day. Bye
Some truly nice and useful information on this internet site, as well I believe the design holds great features.