Change of crypto regulations in Belarus, record will be kept of crypto wallet

Belarus, which has a liberal attitude towards the crypto segment, has changed the regulations related to crypto. A register will be created to maintain the records of crypto wallet in Belarus. Its responsibility has been given to Belarus Hi-Tech Park (HTP). The regulations have been changed to protect investors from losses in cryptocurrencies and to prevent the use of cryptocurrencies in illegal activities.

From this register, crypto wallets associated with illegal activities can be traced. Bitcoin World has a Report I told that the investigative agencies will be able to nab suspicious crypto wallets through this register and their holdings can also be confiscated with the help of the respective crypto exchanges. In this regard, issued by the Government of Belarus statement “The hi-tech part will be responsible for preparing this register and preparing the process for it,” it added. It will be implemented within three months. Belarus gave legal status to crypto-related activities about four years ago.

However, payments in cryptocurrencies are not allowed in Belarus. The government has approved the holding and trading of these digital assets. Apart from this, benefits like tax exemption are also given to the firms associated with the crypto segment. The population of Belarus is about 10 million. It is estimated that about 350,000 of these people had cryptocurrency in the past year.

Recently, Vladimir Putin, the President of Belarus’s neighboring country, also hinted at regulating cryptocurrencies. Russia has also started trials of digital currency. Government and Bank of Russia have entered into an agreement to regulate the crypto segment in Russia. Now the officials are preparing a draft, which is likely to come out by February 18. In this, crypto will be defined as an ‘analog of currencies’ instead of DFA (Digital Financial Assets). The government of Russia also plans to promote crypto mining. However, some countries like China have banned it due to the high consumption of electricity in crypto mining. Even in states like Texas of America, crypto mining is being opposed due to the high consumption of electricity.

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