Preparations underway for cryptocurrency market regulations as directed by Belarus' President

In a significant move towards establishing a robust regulatory framework for the digital assets and cryptocurrency sectors, a meeting was held on September 5, attended by President Alexander Lukashenko. The meeting, reported by BelTA, marked a crucial step in Belarus's endeavour to maintain its technological leadership in the global crypto market.

The discussion centred around the need for comprehensive regulation of digital assets and cryptocurrencies. Alexander Lukashenko emphasized the importance of regulatory oversight of organizations working with cryptocurrencies, and instructed the government to establish clear rules and control mechanisms in the crypto sphere.

Currently, the activities in creating, issuing, and trading tokens are primarily regulated by the High Technologies Park under Decree No. 8. However, no agreed documents on the regulation of digital assets and cryptocurrency sectors have been presented yet. Legal regulations are still being developed to enable lawful economic entities and foreign investors to operate securely in Belarus's digital environment.

The High-Tech Park leadership is responsible for this area, and they are tasked with establishing clear regulations and control mechanisms for the cryptocurrency sector. Alexander Lukashenko reprimanded officials for the lack of agreed documents, but no specific timeline was given for the implementation of these regulations.

Amidst this development, the mining processes in the cryptocurrency sector are set to receive closer attention. The state is instructed to keep a close eye on the local cryptocurrency market situation, and Alexander Lukashenko promised to do just that.

The president also expressed his belief that Belarus should not miss the global crypto market trends. He reiterated that it's time to move forward with the regulation of the digital assets and cryptocurrency sectors, ensuring Belarus's place as a technological leader in the global crypto market.

The reporter for this article is Oksana Kuznetsova. No further details were provided about the global crypto market trends or the specific rules and control mechanisms that will be established. As the legal and regulatory development continues, more information is expected to emerge, shaping the future of the digital assets and cryptocurrency sectors in Belarus.