Belarusian President Alexander Lukashenko has signed a decree confirming the country’s official support for the free trading of cryptocurrencies such as Bitcoin (BTC).
On Monday, the Lukashenka press service reported that the president signed a decree providing for “virtual registration of virtual wallets and cryptocurrency trading.”
The document provides a legal basis for creating and maintaining a registry of crypto-wallet addresses used in illegal activities by the Belarusian High-Tech Park. The ruling specifically describes the authorities’ process and criteria for confiscating cryptocurrencies from criminals.
The decree aims to protect cryptocurrency investors from potential losses and “prevent unintended participation in activities prohibited by law.”
The announcement indicates that Belarus has taken a friendly attitude towards cryptocurrencies:
“Belarus is constantly developing the legal framework for regulating activities related to digital assets and, unlike many other countries, allows free circulation of digital currencies.”
According to the document, the Cabinet of Ministers of Belarus is obliged to take appropriate measures to implement the decision within three months from the date of its publication.
Lukashenka’s recent move into the Belarusian crypto-regulatory ecosystem confirms the country’s commitment to support cryptocurrency development, including mining and cryptocurrency trading. In September 2021, Lukashenka asked the government to mine cryptocurrency using spare capacity infrastructure. Earlier, the largest financial institution in Belarus, Belarus launched a cryptocurrency exchange service.
As previously reported, Lukashenko won the presidential election against opposition candidate Svetlana Tikhanovskaya in August 2020, but some officials inside and outside Belarus condemned the election results as fraudulent. Lukashenko showed his support for cryptocurrencies long before he was officially re-elected and legalized cryptocurrency and initial coin offerings in 2017.
While Belarus appears to be moving towards cryptocurrency adoption, some of its major economic and political partners are lagging behind in regulating cryptocurrency.
See also: Russian Ministry Wants to Legalize Bitcoin Mining in Some Regions
Russia, which passed the Digital Financial Assets Law in January 2021, remains a state of regulatory uncertainty as many financial regulators continue to disagree over how to regulate cryptocurrencies in the country. Despite the fact that the concept of crypto regulation was officially approved by the Russian government last week, the Bank of Russia continues to oppose crypto regulation.
According to local media reports, the Central Bank of the Russian Federation again on Tuesday prepared an initiative to ban cryptocurrency trading in Russia.