Alexander Grigoryevich Lukashenko is a Belarusian politician who is serving the longest period as a European president. As a supporting act, the President newly signed a decree legalizing crypto related activities in the country. Thus, Belarus is seeking a growing appetite for cryptocurrency in the marketplace.
To be more specific, the signed decree document titled as “On the register of virtual wallet addresses and the circulation of cryptocurrency,” as per the legal law. So it officially registers that a free flow of cryptocurrencies such as Bitcoin (BTC) will be in motion in Belarus.
Crypto-Friendly Movement in Belarus
On 14th February 2022, the President of Belarus signed a derivative supporting the free flow of cryptocurrency regulation to the Belarus Hi-Tech Park. As Hi-Tech Park is the legal foundation to maintain the record of digital wallet addresses involving illegal activities.
Further, the main aim of Lukashenko to sign the derivative is to protect the investors from illegal activities in the crypto market. Thereby the law is implemented by the Council of Ministers for a time period of three months from publication.
In addition, the decree document specifies the prominent laws and process for the authorities to seize the crypto assets from criminals. However, the President already took initiative in the Belarusian crypto regulation ecosystem rendering support to crypto adoption, including mining and trading activities.
More so, the President implemented a crypto-friendly move in Belarus stating,
“We are upgrading the legal terms and regulations for crypto assets and its related activities in Belarus. Unlike other states, Belarus supports a free circulation of cryptocurrencies for our people.”
Thus, Belarus investors will be protective while trading their assets in a safer platform. Moreover, no illicit activities take place using the virtual wallet addresses seizing the users money from offenders.
Therefore, as Belarus is growing mature in the crypto industry accepting digital assets, some of its prominent business partners are failing to be strong and lacking behind in the crypto regulations.
