Belarus cracks down on individual crypto trading outside national exchanges
Belarusian President Alexander Lukashenko has taken a significant step in the country's cryptocurrency landscape. He has signed a decree restricting individual cryptocurrency trading outside Belarusian exchanges, effective late September 2024. This move aims to foster 'transparent and regulated circulation' of digital tokens and prevent illegal fund transfers abroad.
Lukashenko has acknowledged the volatility of cryptocurrency but sees it as a potential solution for nations seeking to diversify their currency reliance. He has expressed interest in cryptocurrency mining as a way to reduce global dependence on the U.S. dollar. The new restriction applies to individuals, but companies dealing in cryptocurrency must be registered as residents of the High Technologies Park (HTP) in Belarus to continue trading outside national exchanges.
Belarus has been open to cryptocurrencies since 2017, allowing residents to own, mine, buy, and sell digital currencies using Belarusian rubles or foreign exchange. In January, Lukashenko revealed that Belarus was working on creating its own cryptocurrency, citing an 'electricity surplus' as an advantage.
The new decree, signed by Lukashenko, marks a shift in Belarus's cryptocurrency policy. While individuals are restricted, HTP resident companies can continue trading outside national exchanges. The goal is to balance the potential benefits of cryptocurrency with the need for regulation and transparency.
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