Bitcoin News and Finance President Lukashenko Signs Decree to Create Crypto Wallet Register in Belarus Skip to main content

President Lukashenko Signs Decree to Create Crypto Wallet Register in Belarus

President Lukashenko Signs Decree to Create Crypto Wallet Register in Belarus

President Alexander Lukashenko has signed another decree regulating the crypto economy of Belarus. It envisages the establishment of a register for cryptocurrency wallets and addresses certain legal aspects pertaining to the circulation of cryptocurrencies in the country.

Presidential Decree Aims to Prevent Use of Crypto Wallets in Criminal Activities

Belarusian President Alexander Lukashenko has signed a new decree that expands his country’s regulatory framework for cryptocurrencies. The move will allow the Belarus High-Tech Park (HTP), which oversees the nation’s crypto space, to create a register for crypto wallet addresses that are or can be used for illicit purposes.

The stated goal is to “protect participants in the digital asset market from loss of property and prevent unintentional involvement in activities prohibited by law,” the president’s press service noted in an announcement. Decree № 48, “On the register of addresses (identifiers) of virtual wallets and features of the circulation of cryptocurrency” is dated Feb. 14, 2022. Lukashenko’s administration also emphasized:

Belarus is consistently developing the legal field for regulating activities related to digital assets, and, unlike many other states, allows the free circulation of digital currencies.

Belarusian officials believe this requires “constant monitoring of the situation” and when necessary, “supplementing and clarifying regulatory norms.” That includes efforts to prevent the financing of activities prohibited by the law, which has been the main reason for the adoption of the latest crypto decree.

Wallet addresses will be added to the register if law enforcement agencies obtain information suggesting they are being used for illegal operations or transactions related to extremism and terrorism. The decree also introduces procedures for authorities to seize crypto assets with the help of entities operating exchanges and other crypto platforms.

The government in Minsk will have three months to take the necessary steps to implement Lukashenko’s order which will then enter into force. Belarus legalized crypto activities with another presidential decree signed in 2017. It was enforced in May of the following year and introduced tax breaks and other incentives for crypto businesses.

Last March, the Belarusian head of state hinted at a possible tightening of the rules for the industry, citing China’s example, but HTP officials later indicated that the authorities do not intend to adopt stricter regulations. Earlier this month, news came out that Belarus is preparing to allow investment funds to acquire digital assets.

Although cryptocurrencies cannot be used for payments in the country, Belarus ranks third in Eastern Europe in terms of crypto adoption largely due to strong peer-to-peer activity, according to the Crypto Adoption Index by blockchain analytics firm Chainalysis. Two other former Soviet republics, Ukraine and Russia, hold the top spots in the region.

Do you expect Belarus to adopt more regulations for its crypto market? Tell us in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory