- Half of Belarusian crypto investments sent abroad do not return, causing concern for national financial security.
- President Lukashenko orders fast action after an audit shows weak regulation in the country’s crypto sector.
- Belarus plans new crypto rules to stop capital flight and protect both investors and the state economy.
Belarusian President Aleksandr Lukashenko has ordered immediate action on cryptocurrency regulation. This follows an alarming state audit that exposed major financial outflows. According to the audit, nearly half of all citizen investments in foreign crypto platforms never return.
The report came from an unscheduled inspection by the State Control Committee. It found widespread violations in financial registration practices among local crypto operators.
These results pointed to some defects in the current regulatory system. Although instructions were issued in 2023, no formal law has been passed. Lukashenko has warned his administration that delays in crypto oversight can no longer continue.
Regulatory Gaps at Hi-Tech Park
Belarus currently oversees its crypto sector through the Hi-Tech Park (HTP), a government-backed IT zone. The HTP operates under the Digital Economy Development Ordinance No. 8. While this legal framework enabled token operations, the audit suggests it lacks the scope to address today’s challenges.
President Lukashenko signaled that the HTP’s role may soon be revised. He indicated that broader state agencies will likely take over enforcement and compliance. The current approach, officials suggest, is no longer sufficient to manage the growing risks in the digital asset space.
Earlier this year, Belarus aimed to explore crypto mining so as to use its surplus energy to boost revenue and attract investors as the global interest grew. This aimed at strengthening Belarus’s financial position.
Clear Rules to Protect the Economy
Government officials are under pressure to create transparent regulatory mechanisms. The goal is to ensure financial stability and protect both public and private interests. These mechanisms will define how crypto platforms must operate within Belarus. They will also outline the role of domestic and foreign investors.
New guidelines will also clarify how different state agencies and the HTP will coordinate. The priority remains on introducing rules that prevent capital outflow and maintain financial sovereignty. The president emphasized the importance of structured oversight to keep pace with global digital trends.
Past Efforts and Policy Shifts
In 2023, Belarus started shifting toward a more restrictive crypto governance approach. The nation recommended that it should prohibit crypto-peer-to-peer transactions on the basis of security. By September of that year, a new law, Decree No. 367, was signed . It prohibited individuals, including those in the HTP, from trading crypto outside approved Belarusian platforms.
The state argued that this move would help regulate token circulation more effectively. It also aimed to bring all crypto activities under national control. Later, the energy ministry was assigned the duty to look into the possibility of state-supported crypto mining with excess electricity. Though the government is optimistic about the potential of digital assets, it is also wary of the risk of decentralization.
