Belarus to pursue establishment of a state-level virtual asset regulatory framework

Belarus has begun building a state-level regulatory framework for virtual assets (cryptocurrencies).

On the 6th, according to virtual asset-focused media Coindoo, Alexander Lukashenko, the President of Belarus, at a recent government meeting instructed the establishment of clear and transparent rules, saying "we must maintain the state's supervisory authority while not falling behind global trends." He also ordered that measures be prepared regarding the role of the body that will supervise the virtual asset industry and ways for companies within the country's IT hub, the 'High-Tech Park', to participate in the design of the system.

President Lukashenko also mentioned the possibility of large-scale mining using the country's surplus electricity. Earlier this year, he instructed the energy minister, "If it's profitable, pursue mining."

However, Belarus currently places restrictions on virtual asset trading. In September 2023, President Lukashenko signed Presidential Decree No. 367, banning person-to-person (P2P) transactions and stipulating that all individuals, including companies affiliated with the High-Tech Park, may trade tokens only through government-approved exchanges.

The media said, "Belarus appears open to mining and regulated trading but has shown an intention not to allow fully decentralized use," adding, "Depending on how the institutional design proceeds, it could either leap forward as a global crypto hub or constrain innovation through excessive control."