Belarus President Calls for Swift Action on Crypto Regulation
The rapidly evolving cryptocurrency market is prompting significant changes in Belarus. President Aleksandr Lukashenko has urged officials to prioritize crypto regulation, highlighting the need for clear and transparent rules to sustain growth and stability. As the digital economy continues to expand, the existing legal framework, managed by Hi-Tech Park under Ordinance No. 8, is no longer sufficient to address current challenges.
Current Regulatory Shortcomings
A state-led investigation revealed critical issues in crypto platform operations, including unregistered financial transactions and worrying financial outflows. Lukashenko emphasized the importance of addressing these vulnerabilities, noting that, “monetary assets of Belarusian investors transferred abroad do not return in half of the cases. It won’t do.” These findings have exposed gaps in regulatory oversight, weakening public trust and the financial foundation of Belarus’ crypto market.
Call for Transparent and Balanced Regulation
In a recent digital economy conference, Lukashenko emphasized that while supporting innovation is crucial, robust regulations are required to ensure accountability and protect both citizens and legitimate businesses. He stated, “Clear standards are essential for stability.” The president called for a balanced approach that will enable responsible growth while maintaining trust in the nation’s crypto economy.
The president acknowledged that although some regulatory measures have been in place for years, the lack of finalized proposals has delayed progress. He directed officials to expedite the completion of updated rules to establish the necessary legal infrastructure for managing token issuance, trading, and other operations.
Looking Ahead: Opportunities and Global Investments
Lukashenko reaffirmed that Belarus will not block the development of its digital economy. Instead, he aims to position the country as a global player by attracting foreign investments and supporting trustworthy businesses. The new regulatory framework is expected to foster a safe and innovative environment for both local and international stakeholders in the cryptocurrency market.
To manage the shifting landscape of digital assets effectively, the Hi-Tech Park remains a central body, although its current structure requires significant updates. With tighter regulations in place, the hope is to strengthen public trust, minimize risks, and keep Belarus at the forefront of the digital financial revolution.
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