https://ift.tt/r4XTp8C President signs decree supporting free flow of crypto

TL;DR Breakdown

• The president of Belarus has signed a ruling to support the free circulation of cryptocurrency.
• Belarus has long been a crypto-friendly country, with laws allowing bitcoin and cryptocurrency mining as far back as 2018.

As early as 2018, Belarus has allowed crypto-related activities such as mining. The country legalized cryptocurrency businesses through a presidential ruling that went into effect in March 2018. The ruling made the country one of the world’s top tax havens for cryptocurrencies.

Belarusian president signs a crypto ruling

Recently, Belarusian President Alexander Lukashenko issued a ruling confirming the country’s official backing of cryptocurrency exchange. Bitcoin (BTC) is one example of a free-floating cryptocurrency that allows for worldwide trade.

As reported by the president’s press service, the president signed Decree No. 48 on the register of addresses of virtual wallets and certain aspects of cryptocurrency turnover. Belarus is steadily working on its legal framework for digital assets regulation. Unlike many other countries, it allows free circulation of virtual currencies.

The signed ruling establishes a legal basis for Belarus High-Tech Park to manage a register of crypto wallet addresses used in unlawful behavior. It also sets forth the procedures for this register’s processes and operations.

The ruling document specifies government authorities’ procedures and criteria to take cryptocurrency from criminals. The regulations aim to safeguard digital asset market participants from the risk of losing their property. It also aims to prevent individuals from unknowingly getting involved in illegal activities.

Belarus stands on cryptocurrencies

The ruling emphasizes that the country has a favorable attitude toward cryptocurrencies. Also, continuous monitoring of the situation and additions and clarifications of regulatory standards are required. The Head of State has affixed his signature to the ruling in light of this.

Following the ruling, the council of ministers is to take the necessary measures within three months of publishing the law to enforce it. Previously, it was reported that Belarusbank launched a cryptocurrency exchange service.

Since 2018, the government has been a supporter of the cryptocurrency industry. In the following years, the authorities acted and took measures to prevent crypto from becoming a hostile environment. Lukashenko urged the country’s leadership in September 2021 to mine Bitcoin using surplus electricity infrastructure.

Despite the fact that Belarus appears to be embracing cryptocurrency adoption, some of its most important economic and political partners were lagging in crypto regulation. There are no indications that the government is considering restricting its pro-liberty cryptocurrency legislation.