During today’s meeting on the development of digital tokens, President of Belarus Aleksandr Lukashenko has instructed to define clear, transparent rules of the game and control mechanisms in this area
Aleksandr Lukashenko recalled that Belarus was among the first countries in the world to create conditions for the development of digital technologies for the civil circulation of digital tokens at the state level. Decree No. 8 On Digital Economy Development was signed in 2017. “Back then, in 2017, many were sceptical about the decision, to put it mildly, since we really focused then on the earlier unknown sector, when most questions had no answers,” the Head of State stressed, adding that eight years had passed since that landmark decision, and the topic had not lost its relevance. The idea of developing digital tokens is actively promoted in many leading countries of the world at present.
As Aleksandr Lukashenko noted, whoever sets trends is the one who gets the maximum benefit. “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 because it is a new direction for the country. With this in mind, I gave a number of instructions in 2023 to ensure comprehensive regulation of the sphere of digital tokens, cryptocurrencies. However, no agreed documents are ready yet,” the President said.
The Belarusian leader added that the activities of creating, issuing, selling and buying tokens are largely regulated by the Hi-Tech Park under Decree No. 8. At the same time, as noted by Aleksandr Lukashenko, the State Control Committee’s reports say that the results of an unscheduled inspection of crypto platform operators indicate the need for more delicate regulation of such activities. In particular, violations were detected in the registration of financial transactions. "Monetary assets of Belarusian investors transferred abroad are not returned in half of the cases, and it won’t do,” the Head of State said.
According to the President, the digital life is actually starting to outpace law, or rather, is initiating the creation of its new branches. He added that, based on the results of the meeting, it is necessary to clearly define the tasks of government agencies and HTP in the field of crypto technology, taking into account existing experience and competencies.
Another task set by the Head of State is to outline key, fundamental points in the new legal regulation that will enable bona fide business entities from Belarus and foreign investors to continue ‘working safely in our digital harbour’. This also guarantees financial stability and security for the state, citizens and businesses.
