Belarus Intends to Ban Crypto Trading Between Individuals

To discourage criminal activity and increase transparency, Belarus intends to outlaw cryptocurrency transactions between individuals, according to uz.kursiv.media. People would be obligated by the law to transact exclusively on official exchanges.

Belarus Intends to Ban Crypto Trading Between Individuals

According to reports, Belarus is drafting a law that would forbid individuals from exchanging cryptocurrencies. This, according to the Ministry of Internal Affairs (MVD), will aid in preventing the withdrawal of money obtained illegally. To provide transparency and oversight, the measure would mandate that people only trade cryptocurrency on authorized exchanges.

27 People were Detected for Illegal Movements

The government cited a high rate of cybercrime in Belarus and said that since January 2023, 27 locals has been discovered as providing illegal crypto exchange services. Nearly 22 million Belarusian rubles ($8.7 million) were earned illegally by them overall.

The MFA is working on legislative innovations that prohibit crypto exchange transactions between individuals. For transparency and control, citizens will be allowed to conduct such financial transactions only through the HTP exchanges.

The Regulator

About the Legislation

Although the proposed legislation may appear draconian, it is consistent with attempts made by other nations to control the cryptocurrency industry. Many governments worry about the use of cryptocurrency for immoral acts like tax evasion and money laundering. The Belarusian government seeks to prohibit such operations and ensure better transparency and control by requiring citizens to trade cryptocurrencies exclusively through authorized exchanges.

However, this legislation would regulate rather than outright prohibit the use of cryptocurrency. The only way for citizens to trade cryptocurrency would be through authorized channels. While some may see this as a restriction on their freedom, this situation may also serve to legitimize the cryptocurrency market and increase public accessibility to it.