President Signs Decree for Creating Crypto Wallet Register

Another decree has been signed by President Alexander Lukashenko for regulating Belarus’ crypto economy. This decree gives the approval for establishing a register for crypto wallets and is aimed at addressing a number of legal aspects related to the circulation of various cryptocurrencies in Belarus. The new decree that has been signed by the president will definitely be helpful in expanding the regulatory framework of cryptocurrencies in Belarus. This move will also be helpful for the Belarus High-Tech Park (HTP), which is responsible for monitoring the crypto space in the country. They will be able to create a register for crypto wallet addresses that can be or are used for illegal activities.

The primary purpose of establishing such a register is to provide protections against loss of property to those in the digital asset market and to ensure they are not unintentionally involved in activities that are prohibited by the law. The decree was signed on February 14th, 2022 for registering the addresses of virtual wallets. Lukashenko’s administration said that Belarus was constantly working on the legal field that could help regulate activities pertaining to digital assets in the country. Unlike a number of other states, they want to ensure the free circulation of these cryptocurrencies in Belarus.

Officials in Belarus are of the opinion that they need to monitor the situation constantly and also need to supplement as well as clarify regulation norms, when necessary. This includes making efforts for preventing any financial activities that are not permitted by law and this has resulted in the approval for the latest decree by the president. The register will have all wallet addresses that are used for conducting illegal transactions or operations related to terrorism and extremis. As long as law enforcement is able to obtain information about the wallets, they will be added to the register.

The decree also outlines procedures that authorities can utilize for seizing crypto assets with the help of companies that are operating crypto exchanges and other platforms. Lukashenko’s order gives three months to the government in Minsk to take the steps necessary for putting the decree into effect. Crypto activities had also been legalized in Belarus through a presidential order back in 2017. It had come into effect in May of the following year and had launched tax breaks as well as a number of other incentives for crypto firms. The Belarusian head of state had hinted last March that rules for the crypto industry might be tightened a bit and had given China’s example.

However, HTP had later indicated that authorities had no intention of adopting stricter regulation. News had also come earlier this month that Belarus was planning on allowing investment funds to purchase digital assets. Even though it is not permitted to use cryptocurrencies as a means of payment in Belarus, the country has the third spot in list of countries in Eastern Europe that have adopted cryptocurrencies. This is mostly because of its peer-to-peer activity. The other top spots in the area are held by Ukraine and Russia, two former Soviet Republics.