The president of Bélarus, Aleksandr Lukashenko, pressed his government to introduce stricter regulations for the cryptography industry, reported local media on September 5.
According to the report, Lukashenko warned that lax surveillance would undermine investor security and state economic interests.
The president delivered the reprimand at a high -level government conference after an audit of the state found that around half of all citizen investments sent to foreign cryptographic platforms do not return.
The inspection, carried out by the State Control Committee, also discovered violations of the way in which national platforms record financial operations.
Push the regulatory overhaul
The president said that he had ordered a complete framework for digital tokens and the crypto in 2023, but no binding legislation has reached his office so far. The country has also initiated plans to create a digital currency of the central bank linked to the Russian ruble.
He criticized the government for having allowed “digital life” to go beyond the law, urging officials to finalize the regulations that guarantee financial stability while protecting investors.
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Currently, the activity of digital assets in Bélarus is a special park, a special economic zone governed by ordinance n ° 8. The framework, introduced to promote the country’s computer sector, establishes the legal basis for the creation and trade of tokens.
Lukashenko recognized the executive but said it was insufficient and reported that traditional state agencies would soon play a more important role in surveillance of the sector.
Balance security and investment
The measures that Lukashenko has described focus on creating transparent rules for market players, including guarantees that guarantee that funds remain in the country.
At the same time, he stressed the importance of enabling legitimate local businesses and foreign investors to continue to operate in what he called the “digital paradise” of Bélarus.
The government has not yet published a calendar when the new regulations are promulgated, but Lukashenko’s ultimatum indicates that the Bélarus cryptographic industry is likely to deal with a sharp increase in state control in the coming months.
