Driven by President Belarus Aleksandr Lukashenko reported Through the state news agency Belta on September 5.
Belta quoted Lukashenko saying that his 2023 instructions on Craft Comprehensive Regulation have not yet produced approved documents. He called for the “Transparent Rules of the Game” and new management mechanisms, focusing that Belarus had to maintain global crypto adoption while protecting investors and financial stability.
A report from the State Control Committee noted, Lukashenko said an inspection of crypto platforms revealed violations of transaction notes. He added that, according to Belta, that in about half of the funds of funds transferred abroad by Belarus investors did not return, a situation he described as unacceptable.
While the report did not provide details, it was likely to refer to situations where investors used foreign crypto platforms and could no longer withdraw their money back to Belarus, either due to regulations gaps, platform failures or capital streams that have never been -repatriated.
The president also noted that technology is moving faster than the law, creating pressure for new branches of law. He ordered the regulators and the Hi-tech Park – The special economic zone that oversees the majority of Belarus’s digital economy – to divide responsibilities and use their expertise to draft policies that will ensure home and foreign businesses they can “work mildly in our digital shelter.”
Lukashenko’s latest comments came just months after he was publicly considered another way to expand Belarus’s role in crypto.
On March 5, CoinDesk reported That he raised the possibility of using excessive electricity of the country for digital asset mining. “Look at this mining. Many and many people come back to me. If it earns for us, let’s do it,” he told his newly designated Minister of Energy, According to Belta At the time.
Lukashenko later linked the idea to the development of Washington, noting that the White House floated the concept of a strategic crypto reserve. “You see the path that goes to the world. And especially the world’s largest economy. They announced yesterday that they (a crypto) reserve,” he said.
Belarus will not be alone in exploring such a path.
Bhutan quietly built more than 100 megawatts of bitcoin mining capacity, with plans for an additional 500MW. El Salvador, who adopted Bitcoin as a legal soft, promoted geothermal-powered mining on a smaller size. Lukashenko’s statements suggested by Belarus, with excessive power, could follow a similar route if the regulators provide green light.
Belarus is an early mover in space.
Decree No. 8 “In developing the digital economy”, signed on December 21, 2017, established a framework for digital assets under the umbrella of Hi-Tech Park, which draws blockchain startups.
Hi-tech Park (Htp) is a special economic zone in Belarus that offers desirable taxes and legal conditions to IT companies. December 21 expanded this preference regime until January 1, 2049 and expanded the list of allowable activities for HTP residents.
Besides software development, residents have been given the right to work in new fields such as artificial intelligence, autonomous vehicle systems, and esports. The command also confirmed the principle of extraterritoriality, which allows companies registered with HTP to provide digital services to clients around the world regardless of their physical location.
In addition, the Decree introduced provisions specific to blockchain and digital assets.
It formally recognizes digital tokens in Belarus law and creates a legal basis for their release, circulation, and exchange, which has not been fixed before. Activities such as Crypto Mining and Token Sales are being self -dedicated when conducted by HTP residents.
In addition, the order offers tax excludes on digital asset transactions for both companies and individuals operating within the HTP, and it recognizes the authenticity of intelligent contracts. These steps are positioned in Belarus as one of the earliest constituents to adopt a state -supported framework for cryptocurrencies and blockchain services.
However, the system remains incomplete, and Lukashenko’s latest intervention, reported by Belta, suggests a growing impatience to align the country’s regulation ambitions along with technological goals.
