Authorities in Belarus advance stricter regulations on cryptocurrency amid President Lukashenko's growing frustration

In a recent development, Belarusian President Alexander Lukashenko has expressed concerns about the current mandate of the Hi-Tech Park (HTP) in ensuring comprehensive oversight of digital currencies. Lukashenko believes that more transparent rules of the game and mechanisms for control are necessary in new regulations.

The HTP, which serves as the primary regulatory body for digital assets in Belarus, operates under the framework of Digital Economy Development Ordinance No. 8. Lukashenko's instructions focus on guaranteeing financial stability and security for the state, its citizens, and the private sector.

In line with these goals, Lukashenko has directed regulatory authorities to establish clear cryptocurrency rules and a regulatory framework. While the exact state authorities he proposes to take an active role alongside the HTP in regulating digital currencies have not been explicitly detailed, Lukashenko has emphasized the importance of roles for state regulators without naming specific bodies beyond continuing involvement of existing regulatory authorities.

Meanwhile, Kazakhstan is taking a step forward in the digital currency sphere by trialling USD stablecoins for regulatory fee payments. This move demonstrates a growing interest in digital currencies among Central Asian countries.

Notably, Lukashenko also underscored the importance of allowing Belarusian and foreign investors to continue working in the digital sector. This statement suggests a commitment to maintaining a favourable environment for digital investment in the country.

As Belarus continues to navigate the complex world of digital currencies, President Lukashenko's focus on financial stability and security, along with his calls for transparency and clear regulations, will likely shape the country's digital economy in the coming years.