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The government of Belarus has suggested a prohibition on peer-to-peer (P2P) transactions involving cryptocurrencies like Bitcoin as part of efforts to combat the increasing incidence of cybercrime within the nation. The Ministry of Foreign Affairs (MFA) of the Republic of Belarus outlined the objectives of the proposed legislation and its implications for users of crypto exchanges.
Transactions involving cryptocurrencies will be restricted to exchanges to ensure transparency and oversight.
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- In an official announcement made on July 2nd, the MFA reported that local prosecutors have already taken action against 27 individuals engaged in unauthorized crypto exchange activities, resulting in approximately $8.7 million in illegal profits.
- The authorities pointed to the widespread exploitation of P2P crypto services by criminals to liquidate, convert stolen assets, and facilitate transfers within illicit networks as the rationale behind their decision.
“The Ministry of Internal Affairs is developing legislative changes that will prohibit the exchange of cryptocurrency between individuals. For the sake of transparency and oversight, individuals will be permitted to conduct such financial transactions solely through HTP exchanges.”
- The ministry also intends to restrict crypto exchanges to those that are registered platforms only.
- This latest action marks a significant departure from previous policies, which have generally been characterized as supportive of cryptocurrency. Last year, President Alexander Lukashenko of Belarus enacted a decree aimed at establishing a registry for crypto wallets to deter illegal activities.
- Recently, the Belarusian government also prolonged tax exemptions for companies operating in the crypto sector until January 2025.
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