The government of Belarus has proposed appointing the administration of Hi-Tech Park as the regulator of local cryptocurrencies and digital token exchanges, said Deputy Prime Minister Nikolai Snopkov on Tuesday.

“The government has proposed to make the management of Hi-Tech Park a supervisory authority for the exchange of digital currencies and digital tokens. The president supported the idea to the government. I think such a decision will be made in the near future, “said Snopkov.

According to Snopkov, the government is currently trying to select an appropriate authority to monitor local crypto platforms in line with European regulations.

Snopkov said: “It goes without saying that HTP is the most efficient and has the best experience in this area.”

“I am confident that the HTP management will develop ways to use digital technology to advance the country’s development within the global network of cryptocurrencies and digital tokens,” said Snopkov.

Belarus HTP is a special tax and legal system for IT companies in Belarus, aimed at promoting the development of the technology sector in the country. According to official government figures, the Belarusian HTP is a region of Belarus that is not considered a free or special economic zone, but rather a jurisdiction that provides some legal and tax benefits to its citizens. The HTP administration is the legal organization responsible for administering the HTP activities.

As Cointelegraph previously reported, HTP Belarus is actively involved in activities related to the regulation of the crypto industry. In 2018, the HTP Committee issued a set of rules for the operation of the cryptocurrency market in the country, including provisions on the first coin offer.

Source: CoinTelegraph

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