Aleksandr Lukashenko, the president of Belarus, is urging government officials to speed up the process of cryptocurrency regulation.
The rapid expansion of the cryptocurrency industry in Belarus has led its President to urge for more precise and comprehensive rules.
Lukashenko pushes Belarusian regulators to speed up crypto regulation
Belarusian President Aleksandr Lukashenko has ordered government officials to urgently finalize rules for regulating digital tokens and cryptocurrencies. Speaking at a government conference on the development of the digital economy, Lukashenko emphasized the need for clear oversight systems and transparent standards to guide the country’s crypto sector.
He stated that the cryptocurrency industry, though it was full of opportunities, was developing faster than the country’s legislation.
“The task of the state in these conditions is to determine understandable, transparent rules of the game and mechanisms for control in this sphere,” Lukashenko said. He added that regulation is necessary because the field is still relatively new for Belarus, despite earlier efforts to regulate it.
Back in 2023, Lukashenko gave initial instructions to create comprehensive rules for digital tokens and cryptocurrencies. However, he pointed out that he has yet to see approved documents on his desk.
At present, the Hi-Tech Park oversees the creation, issuance, sale, and purchase of tokens in Belarus, operating under Ordinance No. 8, which originally functioned as the foundation of the country’s digital economy. Lukashenko acknowledged that while this system has been valuable, it no longer fully addresses the challenges posed by the industry’s rapid expansion.
Investor protection concerns
An unscheduled inspection the State Control Committee found and highlighted several problems in the operation of cryptocurrency platforms in Belarus. The findings showed that the sector still requires “finer tuning.” According to Lukashenko, violations were found in the registration of financial transactions.
He said that a key concern is the outflow of money from Belarusian investors. “Monetary assets of Belarusian investors that are transferred abroad do not return in half of the cases. It won’t do,” Lukashenko stated during the conference. The president stated that the situation undermines both financial stability and trust in the system.
Despite his warnings, Lukashenko does not intend to block Belarus from digital innovation. On the contrary, he said that new regulations should support legitimate businesses, encourage investment, and maintain the country’s reputation as a “digital haven.”
“The key, principled moments of the new regulations must allow bona fide commercial entities from Belarus and foreign investors to continue working calmly,” Lukashenko explained. He added that a balanced approach would provide stability and security not only for the state but also for citizens and the private sector.
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Source: https://www.cryptopolitan.com/belarus-lukashenko-crypto-regulation/
