Belarus Bans Transfer of Cryptocurrencies Among Individuals, Here’s Why

Bhushan Akolkar
July 3, 2023
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Belarus-Crypto

In a recent development, the Ministry of Internal Affairs of Belarus announced that it’s working on a bill to ban the transfer of cryptocurrencies among individuals. The department noted that the move will help fight the withdrawal of money earned through criminal means.

This means that the P2P transfers in Belarus would no longer be valid and crypto transfers could be only done through exchanges. The Ministry of Internal Affairs of Belarus made the official announcement on a page on the social network VKontakte.

Since the beginning of this year, law enforcement units dedicated to fighting cybercrime have taken action against 27 individuals involved in offering illegal services for exchanging cryptocurrencies. These individuals made nearly 22 million rubles through illegal activities.

Such services are popular among criminals who want to convert and cash out stolen funds or transfer money to other criminals involved in illegal activities. The message reads:

“The Ministry of Internal Affairs is working on legislative innovations that prohibit transactions for the exchange of cryptocurrency between individuals. For transparency and control, citizens will be allowed to carry out such financial transactions only through the HTP exchanges”. 

It further added that implementing a process similar to exchanging foreign currencies will make it difficult for criminals to withdraw illegally obtained money. As a result, operating in the field of information technology will become unprofitable for fraudsters in Belarus.

Belarus and Crypto

Belarus has been one of the early participants in the crypto space welcoming the use of digital assets. So far it has held some crypto-friendly laws to support the nation’s crypto landscape.

Earlier this year, the Belarusian government extended tax exemptions for businesses working in crypto. The government said that these exemptions shall remain in place until January 2025.

The regulations and tax benefits mentioned are applicable exclusively to individual companies in the Belarus High-Tech Park (HTP). The HTP has a unique legal framework that allows for the creation and use of cryptocurrencies and tokens. The Belarusian authorities are committed to fostering the growth and progress of this special economic zone.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.