With the increased adoption of cryptocurrencies globally, more countries are releasing regulations to regulate crypto and their related activities. While some of these regulations are crypto friendly, others have very strict requirements which has sent crypto lovers underground.
One such country is Belarus. Alexander Lukashenko, President of Belarus, has finally embraced cryptocurrency usage. The President has signed the law to approve the circulation of digital currencies in the country.
Decree No. 48 Grants Hi-Tech Park More Regulatory Right
Lukashenko signed the law, decree no 48, on the 14th of February. The decree has to do with the “registration of digital wallet addresses and the distribution of cryptocurrency.” The move by the President gives Hi-Tech the legal power to have a register of wallet addresses used for illegal purposes. Hi-Tech Park is a cryptocurrency regulator in Belarus.
Earlier in 2022, new media Bloomberg stated that Hi-Tech does not intend to tighten its cryptocurrency regulation policy. There will be no changes to the existing regulatory policy in the country, the regulatory agency stated.
Purpose Of The New Decree
The government’s decision to sign the decree is to protect the right of investors. The country’s Council of Ministers will enforce the first three months after its publication.
According to the official announcement, Belarus is developing its regulatory policies on cryptocurrency and related activities. Unlike most countries, there is a free distribution of cryptos in Belarus. As a result of this free circulation, the state needs to monitor, supplement, and clarify its regulations constantly. No room will be given for fraudulent activities to take place.
Belarus Reaffirms Its Friendly Stance On Cryptocurrency
Belarus is one of the few crypto-friendly countries in the world. Four years ago, the President encouraged the crypto industry by introducing tax breaks for institutions dealing with digital assets. The recent decree by the nation shows its support for digital currencies. The policies of the country favor the investment of funds into crypto.
The country’s introduction of tax breaks is the first of its kind, showing how much the government cares about the crypto community. Aside from Belarus, another nation with friendly laws for cryptos is El Salvador, one country to have adopted Bitcoin as a legal tender. Other countries such as Russia and India released strict rules for cryptocurrency regulation.
With the crypto industry snowballing, countries like Belarus are taking the lead with regulatory practices that favor the usage of cryptocurrency while also watching out for the rights of its citizens.