MINSK, 5 September (BelTA) – During a government conference held to discuss the development of the sphere of digital tokens Belarus President Aleksandr Lukashenko gave instructions to work out transparent rules of the game and oversight mechanisms for this sphere, BelTA has learned.
Speaking about the development of cryptocurrencies, Aleksandr Lukashenko stressed that it is important for Belarus to keep up with trends and not to lose technological leadership. “The task of the state in these conditions is to determine understandable, transparent rules of the game and mechanisms for control in this sphere. It is important because it is a new area for the country,” the president said. “This is why back in 2023 I gave a number of instructions to ensure comprehensive regulation of the sphere of digital tokens and cryptocurrencies. However, I still don’t have approved documents on my table.”
The Belarusian leader pointed out that at present the creation, emission, sales, and purchases of tokens are largely regulated by the Hi-Tech Park. “It is understandable that it happens within the framework of [Digital Economy Development] Ordinance No.8,” he added.
According to a report by the State Control Committee, results of an unscheduled inspection of cryptocurrency platform operators indicate that this business needs finer tuning. “In particular, violations in the registration of financial operations have been found. Monetary assets of Belarusian investors that are transferred abroad do not return in half of the cases,” the president stated. “It won’t do.”
According to the Belarusian leader, today digital life is essentially starting to get ahead of the law. To be exact, it initiates the creation of new branches of legislation. He stressed that as a result of the conference it is necessary to clearly determine tasks of government agencies and the Hi-Tech Park in the sphere of cryptocurrencies taking into account the available experience and competences.
Besides, the president gave instructions to determine key, principled moments of the new regulations that will allow bona fide commercial entities from Belarus and foreign investors to “continue working calmly in our digital haven”. It also guarantees financial stability, security for the state, citizens, and the private sector.
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