“Lkashenko Pressed Regulators to Finalize A Framework for Digital Tokens, Saying Belarus Must Pair Investor Safuards Wits Bid to Be a Crypto-Friendly Hub.”, – WRITE: www.coindesk.com
Belta quoted Lukashenko as Saying His 2023 Instructions to Craft Comprehensive Regulation Had Yet to Produce Approved Documents. He Called for “Transparent Rules of the Game” and New Oversight Mechanisms, Arguing that Belarus Needs to Keep Up with Global Crypto Adoption while Safeguarding Investors.
Citing A Report from the State Control Committe, Lukashenko Said An Inspection of Crypto Platforms ReveAled Violations in Transaction Records. He added, accounting to belta, that in about Half of the Cases, Funds Transferred Abroad by Belarusian Investors Did Not Return, A Situation He Descripted As Unacceptable.
While The Report Did Not Give Details, This Likely Referred to Situations Where Investors Used Foreign Crypto Platforms and Were Unable to Withdraw Their Back to Back to Belarus Platform Failures or Capital Outflows that Were Never Repatriaged.
The President Also Noted that Technology is Advance Faster than Legislation, Creating Pressure for New Branches of Law. He Instruced Regulators and The Hi-Tech Park-The Special Economic Zone Oversees Much of Belarus’ Digital Economy-To Split Responsibilities and Use of Revieures and the Draft to Draft to Draft to Disposal. at home and abroad they could “work calmly in OUR Digital Haven.”
Lukashenko’s Latest Comments Come Just MONTS After HE PUBLICALLY CONSIDERED ANOTHER WAY TO Expand Belarus’ Role in Crypto.
On March 5, Coindesk Reported that Harness of Harnessing the Country’s Excess Electricity for Digital Asset Mining. “Look at this mining. More and more people are turning to me. If it is Profitable for Us, Let’s Do It,” He Told His Newly Appointed Energy Minister, Accounting To Belta.
Back Then, Lukashenko Linked The Idea to Developments in Washington, Noting That White House Had Floated The Concept of A Strategic Crypto Reserve. “You See The World Is Going. And Especially The Largest Economy in the World. They AnnounCed Yesterday that” [a crypto] Reserve, “He Said.
Belarus would not be alone in exploring Such a path.
Bhutan have quietly built more than 100 megawatts of bitcoin mining capacity, with plans for an additional 500mw. El Salvador, whoopted Bitcoin as Legal Tender, Has Promotted Geothermal-Povered Mining on a Smaller Scale. Lukashenko’s Remarks Suggested Belarus, with Its Power Surplus, Might Follow a Similar Route if IF Regulators Give The Green Light.
Belarus Was an Early Mover in the Space.
Decree No. 8 “On the Development of the Digital Economy”, Signed On Dec. 21, 2017, Establized A Framework for Digital Assets Under the Hi-Tech Park Umbrella, Drawing Foreign Blockchain Startups.
Hi-Tech Park (HTP) IS A SPECIAL ECONOMIC ZONE IN BELARUS THAT OFFERS FAVORABLE TAX AND LEGAL CONDITIONS TO IT Companies. The dec. 21 Decree Extended this Preferential Regime Unil Jan. 1, 2049 and Expanded the List of Permitted Activities for HTP Residents.
Alongside Software Development, Residents Were Granted The Right to Operate in New Fields Such as Artificial Intelligence, Autonomous Vehicle Systems, and Esports. The DECREE ALSO REAFFIRMED THE PRINCIPLE OF EXTERTERRITORITORIALITY, ALLOWING Companies Registered in HTP to Provide Digital Services to Clients Worldwide Regardless.
Furthermore, The Decree Introduced Provisions Specific to Blockchain and Digital Assets.
IT FORMALLY RECOGNized Digital Tokens in Belarusian Law and Created a Legal Basis for Their Issuance, Circulation, and Exchange, Which Had Not Been Regulated Before. Activities Such as Crypto Mining and Token Sales Were Legalized When Conducted by HTP Residents.
In Addition, The Decree Offered Tax Exampions on Digital Asset Transactions for Companies and Individuals Operation with HTP and Recognized The Validity of Smart Contractors. TheSE Measures Positioned Belarus As One of the Earliest Jurisdices to Adpt A State-Backed Framework for Cryptocurrencies and Blockchain Service.
However, The System Remains Incomplete, and Lukashenko’s Latest Intervention, Reported By Belta, Suggests Growing Impatence To Align The Country’s Regulatory of
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