Belarus President Aleksandr Lukashenko called on regulators to end long -delayed rules for cryptocurrencies and digital tokens, according to comments reported by the State News Agency Belta on September 5.
Belta quoted Lukashenko as saying that his instructions from 2023 to create comprehensive regulation had not yet produced approved documents. He called for “transparent rules for the game” and new supervisory mechanisms and argued that Belarus has to keep up with global crypto recording while protecting investors and financial stability.
With reference to a report from the State Control Committee, Lukashenko said an inspection of crypto platforms revealed violations in transaction records. According to Belta, he added that in about half of the cases transferred abroad by Belarusian investors did not return, described a situation he described as unacceptable.
While the report did not give details, this probably referred to situations where investors used foreign crypto platforms and were unable to withdraw their money to Belarus, neither due to regulatory gaps, platform errors or capital extras that were never repatriated.
The president also noted that technology is going faster than the legislation and creating pressure for new laws of law. He instructed regulators and hi-tech park-the special economic zone that oversees much of Belarus’s digital economy to divide responsibility and use their expertise to prepare rules that would reassure companies in entry and abroad, they could “work calmly in our digital port.”
Lukashenko’s latest comments come only months after he publicly considered another way of expanding the role of Belarus in Crypto.
On March 5, Coindesk reported that he raised the opportunity to utilize the country’s excess electricity for digital asset mining. “Look at this mining. More and more people are turning to me. If it’s profitable for us, let’s do it,” he told his newly appointed energy minister, according to Belta at that time.
Back then, Lukashenko linked the idea for the development of Washington and noted that the White House had floated the concept of a strategic cryptor reserve. “You see the way the world goes. And especially the biggest economy in the world. They announced yesterday that they will keep [a crypto] Reserve, ”he said.
Belarus would not be alone in exploring such a path.
Bhutan has quietly built more than 100 megawatts bitcoin mining capacity with plans for another 500 MW. El Salvador, who adopted Bitcoin as a legal bid, has promoted geothermal -driven mining on a smaller scale. Lukashenko’s remarks suggested that Belarus with its stream surplus may follow a similar route if regulators give the green light.
Belarus was an early mover in the room.
Decree # 8 “About the Digital Economy Development,” signed on December 21, 2017, created a framework for digital assets under the umbrella Hi-Tech Park, which is drawing foreign blockchain startups.
Hi-Tech Park (HTP) is a special economic zone in Belarus that offers favorable taxes and legal conditions for IT companies. Decree 21 December extended this preferential regime until January 1, 2049 and expanded the list of permitted activities for HTP residents.
Alongside software development, residents were entitled to operate in new areas such as artificial intelligence, autonomous vehicle systems and eSports. The decree also confirmed the principle of extraterritoryity, which allowed companies registered in HTP, the opportunity 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.
The recognized formally digital tokens in Belarusian law and created a legal basis for their issue, circulation and exchange that had not been regulated before. Activities such as Crypto Mining and Token Sales were legalized when performed by HTP residents.
In addition, the decree offered tax exemptions for digital asset transactions for both companies and individuals operating within HTP and the recognized validity of smart contracts. These measures placed Belarus as one of the earliest jurisdictions to adopt a state-sponsored framework for cryptocurrencies and blockchain services.
However, the system remains incomplete, and Lukashenko’s latest intervention, reported by Belta, suggests growing impatience to adapt the country’s legislative ambitions with its technological ambitions.
