Belarus President Aleksandr Lukashenko has urged regulators to finish long-delayed rules for cryptocurrencies and digital tokens, saying the country must pair cross-border crypto activity with stronger investor protections and financial safeguards, state news service BelTA reported Sept. 5.
Lukashenko noted that his 2023 instructions to craft a comprehensive regulatory framework have not yet produced finalised documents. He cited a State Control Committee inspection that found record-keeping violations on crypto platforms and said roughly half of funds sent abroad by Belarusian investors did not return — a gap he called unacceptable.
To address the shortfall, the president ordered regulators and the Hi‑Tech Park (HTP) — the special economic zone that steers much of Belarus’ digital economy — to divide responsibilities and combine legal and technical expertise. The goal is to create clear, transparent rules so businesses can “work calmly in our digital haven,” Lukashenko said.
The push comes as Belarus again weighs using excess electricity for crypto mining. Lukashenko referenced recent U.S. discussion of a strategic crypto reserve and said Belarus could exploit surplus energy if mining proves profitable. Other nations have pursued similar routes: Bhutan and El Salvador have expanded mining capacity tied to local energy resources.
Belarus has earlier groundwork: Decree No. 8 (2017) carved out legal recognition for digital tokens, allowed HTP residents to mine and sell tokens, validated smart contracts and extended preferential tax and legal regimes for digital businesses through 2049. But implementation gaps remain, and Lukashenko’s remarks signal urgency to close them.
What this means: clearer rules could attract startups and give foreign partners confidence, but the transition also raises compliance and investor-protection questions. Regulators will need to tighten transaction reporting, address cross-border repatriation risks and weigh energy, environmental and sanctions-related concerns tied to mining.
Source: BelTA. Read the original coverage for full details.