Audit Sparks Urgent Action
Belarusian President Aleksandr Lukashenko has urged his government to accelerate the creation of a comprehensive regulatory framework for cryptocurrencies, stressing that investor protection and economic stability must be top priorities. His call came after a state audit revealed troubling trends, including the fact that nearly half of Belarusian investments on foreign crypto platforms result in financial losses. The audit also highlighted serious shortcomings in the way financial operations are recorded on domestic platforms, signaling weaknesses in oversight.
Long-Delayed Reforms
The push for stronger oversight is not new. In 2023, Lukashenko instructed officials to prepare legislation that would regulate digital assets more effectively. However, progress has been slow, with no finalized framework submitted for approval. Expressing impatience, the President made it clear that further delays would not be tolerated, urging lawmakers to present a robust set of rules that could safeguard investors while reinforcing financial transparency.
Hi-Tech Park Framework No Longer Enough
At present, most cryptocurrency activities in Belarus are managed through the Hi-Tech Park under Ordinance No. 8, a special legal regime designed to foster the IT sector. While this system initially positioned Belarus as a forward-thinking hub for digital innovation, Lukashenko now believes it is inadequate to meet the growing risks posed by the fast-evolving crypto market. He suggested that oversight responsibilities should be expanded beyond the Hi-Tech Park to include a wider range of state agencies, ensuring more comprehensive supervision of the sector.
Balancing Regulation and Innovation
Despite his firm stance on stricter regulation, Lukashenko emphasized the need to strike a balance. He acknowledged that cryptocurrencies and blockchain technology represent an important area of innovation and investment. However, he stressed that without proper controls, the sector could expose the economy to instability and leave citizens vulnerable to fraud and financial exploitation. The President underlined that regulations must encourage legitimate businesses, attract international investors, and still guarantee that both state interests and individual savings are well protected.
Toward a “Digital Haven” with Strong Rules
Looking ahead, Belarus aims to position itself as a secure and reliable environment for digital assets while ensuring that investments remain within the country. The President’s remarks reflect a broader ambition: to build a reputation as a stable digital economy where innovation is welcomed, but risks are tightly managed. Clearer and more transparent rules, he argued, will be the foundation for long-term trust in Belarus’ crypto sector.
Source: Coinmarketcal Edited by Sonarx