President Alexander Lukashenko of Belarus has signed a proclamation formally backing the free flow of cryptocurrencies like Bitcoin.
According to Lukashenko's press office, the president has signed a decree titled "On the registry of virtual wallet addresses and the circulation of cryptocurrencies."
Belarus keeps its crypto-friendly stance
On Monday, Belarusian President Alexander Lukashenko signed Decree No 48 "on the register of virtual wallet addresses and the circulation of cryptocurrency," providing a legal foundation for Belarusian cryptocurrency regulator Hi-Tech Park to keep track of virtual wallet addresses used in illegal activities.
Belarus' cryptocurrency regulator, Hi-Tech Park, told Bloomberg earlier this year that it had no plans to tighten its lax bitcoin-related legislation.
"Restrictive modifications to the existing regulatory scheme are not currently envisaged," Hi-Tech Park's press team told Bloomberg.
Lukashenko signed the directive in order to protect investors, and the Council of Ministers will put it into effect within three months after its publication.
According to the official announcement:
“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."
Additionally, the report says that this requires constant monitoring of the situation and, if necessary, supplementing and clarifying regulatory norms. Including to exclude cases of shadow financing of prohibited activities.
The agreement lays out a legal foundation for Belarus Hi-Tech Park to construct and maintain a database of cryptocurrency wallet addresses used in illegal activities.
The decree lays forth the procedure and conditions for the government's confiscation of cryptocurrency from criminals.
Lukashenko's recent move in Belarus' crypto regulatory ecosystem reaffirms the country's commitment to cryptocurrency development, including mining and trading.
In September 2021, Lukashenko requested that the government mine cryptocurrency using underutilized electricity infrastructure. Belarusbank, the country's largest financial institution, allegedly established a bitcoin trading company earlier this year.