Belarusian authorities have no intention of adopting stricter regulations on the country’s crypto space. Although neighboring Russia is a close partner in many fields, Russia is considering a blanket ban on a range of cryptocurrency-related activities proposed by Moscow’s central bank.
Belarus will maintain favorable crypto regulations
A statement indicates that Belarusian officials do not intend to tighten the country’s regulatory framework for the crypto industry.This is because Russia is a tight economy alliesis considering a proposal to impose severe restrictions on a range of cryptocurrency-related operations including mining, trading and investing.
“Restrictive changes to the existing regulatory model cannot be foreseen at this time,” the Belarusian Hi-Tech Park (HTP) said in a correspondence with BNN Bloomberg. The HTP, often referred to as the “Silicon Valley of Belarus,” manages a special legal regime designed to promote the country’s IT industry, including crypto businesses.
Minsk President Aleksandr Lukashenko signed a decree legalizing cryptocurrency activities such as mining and trading. take effect In March 2018, it introduced tax breaks and other incentives for companies using digital assets.
April 2019, Belarusian leader suggestion Bitcoin farm could be built at nuclear power plant in Grodno, last August he urge Belarusians stayed in the country and started mining cryptocurrencies.that although hint Regulation may be tightened in March.
Payments in cryptocurrencies are banned in Belarus, but entities registered as residents of the high-tech park can issue and trade coins and tokens. In November 2020, the country’s largest banking institution, the Bank of Belarus, launched a service that allows users to buy and sell digital currencies.
Blockchain forensics firm Chainalysis’s cryptocurrency adoption index ranks Belarus third in Eastern Europe, behind Russia and Ukraine, largely due to the country’s strong peer-to-peer activity. Belarusians are not obliged to report their crypto transactions to tax authorities.
Belarus maintains close economic, political and military ties with the Russian Federation, its central bank suggested The use, issuance and exchange of cryptocurrencies were banned last week.However, the tough stance of regulators has been Refuse by representatives of other government agencies.
Do you think Belarus will continue to be a crypto-friendly jurisdiction regardless of Russia’s policies? Share your thoughts on the topic in the comments section below.
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