Belarus President Signs New Decree to Allow Free flow of Cryptocurrency

On Monday, Belarusian President Alexander Lukashenko signed Decree No 48 "on the register of virtual wallet addresses and the course of digital currency," giving a legitimate establishment to Belarusian cryptocurrency regulator Hi-Tech Park to monitor virtual wallet tends to be utilized in criminal operations.

According to the decree, crypto activities require “constant monitoring” and if needed, “supplementing and clarifying regulatory norms.”

Doing so, protects crypto participants and investors from potential losses and prevent them from “unintentional involvement in activities prohibited by law.”

“Belarus is consistently developing the legal field for regulating activities related to digital assets, and, unlike many other states, allows the free circulation of digital currencies,” the release noted.

Belarus recently revealed that it has no intentions to impose stricter rules on the country’s regulatory framework for the crypto sector. This comes as Belarus’s close ally Russia considered a blanket ban on several crypto activities including mining, trading, and investing.

“Restrictive changes to the existing regulatory model are not currently foreseen,” the Belarus HTP told Bloomberg.

Belarus is a crypto-accommodating country, with the president giving a pronouncement in 2018 named "On the Development of the Digital Economy," which included tax cuts for endeavours managing in advanced resources.

The new pronouncement keeps up with the country's crypto-accommodating position, and the lawful construction that is being set up is intended to urge venture assets to put money into cryptocurrency, notwithstanding expanded regulatory scrutiny.

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