President of Belarusa urges to specify laws to regulate cryptocurrencies

In an urgent call, President Aleksandr Lukashenko urged the Belarus authorities to finish the norms for cryptocurrencies and digital tokens, highlighting the need for transparent rules to protect investors and attract businesses.

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• Lukashenko demanded to accelerate pending regulation since 2023.
  
• The president pointed out irregularities in transactions with foreign platforms.
  
• The proposal seeks to take advantage of the energy surplus in cryptocurrency mining.

The president of Belarus, Aleksandr Lukashenko, reiterated this week to regulators the need and urgency to specify standards applicable to the market for cryptocurrencies and digital tokens, making a call for them to define as quickly as possible.

According to the state agency Beltathe president insisted that they are required “Clear rules of the game” and supervision mechanisms that provide security to both investors and the country’s financial stability.

Lukashenko stressed that the instructions given in 2023 to prepare a regulatory framework have not yet translated into approved documents, which considered an unacceptable delay against global progress for adoption of digital assets.

Inspections and risks detected

During his speech, the president cited a report of the State Control Committee, which detected irregularities on crypto platforms that operate with berousy citizens. The document indicated failures in transaction records and revealed that, in approximately half of the cases, funds transferred abroad by local investors did not return to the country.

Lukashenko described that situation as an inadmissible and warned about the risks of citizens saving and for the national financial system. As he explained, these losses are derived from the use of foreign platforms that, due to regulatory gaps, technical problems or capital leakage, did not guarantee the repatriation of money.

The legal challenge against technological advance

The president acknowledged that the speed with which technology progresses exceeds the ability of the legislation to adapt. Therefore, he instructed regulators and High Technology Park (Hi-Tech Park)the special economic zone that supervises much of the country’s digital economy, to divide responsibilities and use its experience to develop new rules.

Lukashenko said that these standards should convey confidence to national and international companies interested in operating “Quietly in our digital refuge.”

The cryptocurrency mining option

This is not the president’s first approach to the industry. Last March 5, Belta He reported that Lukashenko considered the possibility of using the country’s electric surplus for digital asset mining activities. “Look at mining. More and more people consult me. If it is profitable for us, let’s do it ”, He then pointed to the new Minister of Energy.

The president linked that proposal to international movements, citing the case of the United States, where the White House He had raised the idea of ​​creating a strategic cryptocurrency reserve. According to Lukashenko, Belarus should not be left behind that trend.

Experiences in other countries support this interest. For example, Bután has developed more than 100 megawatts of mining capacity Bitcoin and plans to expand in an additional 500 MW. For his part, El Salvador, a pioneer in adopting Bitcoin as legal tender, has promoted mining with geothermal energy on a smaller scale.

The precedent of 2017 and the still incomplete framework

Belarus It was one of the first countries to introduce a legal framework for digital assets. Decree No. 8 “On the development of the digital economy”, signed on December 21, 2017, created special conditions for technology companies in the Hi-Tech Park.

The rule granted tax benefits, recognized the validity of intelligent contracts and legalized activities such as mining and tokens issuance, provided they were carried out by Park residents. In addition, he extended this preferential regime until January 1, 2049, expanding the list of authorized sectors, including artificial intelligence, autonomous vehicles and electronic sports.

Despite these advances, the system remains unfinished. Lukashenko’s recent statements show their growing impatience for aligning the country’s regulatory ambition with technological and market demands, in order not to lose competitiveness in a sector that evolves rapidly.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.

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