Belarus President Aleksandr Lukashenko has urged his government to implement stricter regulations for the cryptocurrency industry, citing concerns about investor security and the country’s economic interests. Lukashenko’s call for tighter oversight came after a state audit revealed that nearly half of all investments made by citizens in foreign crypto platforms did not yield returns.
During a high-level government conference, Lukashenko expressed disappointment that despite his directive for comprehensive regulations on digital tokens and crypto back in 2023, no binding legislation had been put in place. The President also highlighted the need for regulations to keep pace with the rapidly evolving digital landscape to ensure financial stability and protect investors.
While Belarus currently regulates digital asset activity under the Hi-Tech Park, Lukashenko emphasized that the existing framework was inadequate. He hinted at a shift towards greater involvement of traditional state agencies in overseeing the crypto sector, signaling a potential overhaul of the regulatory landscape.
The proposed measures aim to establish clear and transparent rules for market participants, with a focus on safeguarding funds and ensuring they remain within the country. Lukashenko emphasized the importance of striking a balance between security and fostering a conducive environment for legitimate local businesses and foreign investors in Belarus’ digital ecosystem.
Although a timeline for the implementation of new regulations has not been announced, Lukashenko’s directive suggests that the crypto industry in Belarus is likely to face increased scrutiny from state authorities in the coming months. It remains to be seen how these regulatory changes will impact the cryptocurrency landscape in Belarus and whether they will enhance investor confidence in the sector.
As Belarus prepares to navigate the evolving digital economy, the government’s commitment to strengthening regulatory oversight underscores the importance of creating a secure and conducive environment for cryptocurrency activities. Stay tuned for updates on the regulatory developments shaping Belarus’ crypto industry.