- Belarus is in the process of drafting a new law that will regulate cryptocurrency transactions.
- The new legislation will prohibit individual cryptocurrency transactions and require all transactions to be conducted through approved exchanges.
- Since the beginning of 2023, approximately $10 million has been seized in operations against illicit cryptocurrency transactions in Belarus.
Belarus Moves to Regulate Cryptocurrency Transactions
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Belarus, a country known for its support of Vladimir Putin in the Russia-Ukraine war and subject to cryptocurrency sanctions by the European Union, is taking steps to regulate cryptocurrency transactions. The country’s Interior Ministry is spearheading the drafting of a new law that aims to increase transparency and prevent money laundering through cryptocurrency transactions.
Prohibition of Individual Cryptocurrency Transactions
The proposed law will prohibit individual cryptocurrency transactions, requiring all transactions to be conducted through approved exchanges. This move is seen as a necessary step towards preventing the conversion of illicitly obtained assets into money. It also aims to provide a controlled environment for cryptocurrency transactions, ensuring that they are conducted legally and transparently.
Crackdown on Illicit Cryptocurrency Transactions
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Belarus has been actively cracking down on illicit cryptocurrency transactions. Since the beginning of 2023, the country has seized approximately $10 million in such transactions. The new law is expected to further strengthen the country’s efforts in combating illegal cryptocurrency activities.
Implications for Cryptocurrency Enthusiasts
The move to regulate cryptocurrency transactions in Belarus has significant implications for cryptocurrency enthusiasts in the country. While it may limit individual freedom in conducting cryptocurrency transactions, it is also expected to provide a safer and more transparent environment for legal cryptocurrency activities. The new law is a clear indication of the country’s stance on cryptocurrency and its commitment to preventing its misuse.