"Transparent rules of the game". Lukashenko ordered to define control mechanisms in the cryptocurrency sector
The President of Belarus, Alexander Lukashenko, at a meeting on the development of the digital signs sector instructed to define transparent rules of the game and control mechanisms in this area, reports a BELTA correspondent.
Speaking about the development of cryptocurrencies, Alexander Lukashenko emphasized that it is important for Belarus not to miss trends and to maintain technological leadership. "The task of the state in such conditions is to define clear, transparent rules of the game and control mechanisms in this area. This is important, as this is a new direction for the country," the President said. "That is why, back in 2023, I gave a number of instructions to ensure comprehensive regulation of the digital signs and cryptocurrency sector. However, I still do not have any agreed documents on my desk."
The Belarusian leader noted that today the activities related to the creation, issuance, and buying-selling of tokens are largely regulated by the High Technologies Park. "It is clear that this is happening within the framework of Decree No. 8 ("On the Development of the Digital Economy" - Note by BELTA)," he added.
As reported by the State Control Committee, the results of an unscheduled inspection of cryptocurrency platform operators indicate the need for finer adjustments in such activities. "In particular, violations were found in the registration of financial transactions. The funds of Belarusian investors withdrawn abroad are not returned in half of the cases," the President stated. "This is not how things will go."
According to the Belarusian leader, in fact, today digital life is beginning to outpace the law, or rather, it initiates the creation of its new branches. Thus, he emphasized, based on the results of the meeting, it is necessary to clearly define the tasks of state bodies and the High Technologies Park in the field of crypto technologies, taking into account the existing experience and competencies.
In addition, the President set the task of outlining key, fundamental points in the new legal regulation that will allow conscientious business entities from Belarus and foreign investors to "continue to work peacefully in our digital harbor." This also guarantees financial stability, security for the state, citizens, and businesses.