Belarus is planning to ban cryptocurrency exchange
transactions between individuals due to an increase in crime. The
country is also planning to implement procedures such as those applicable to
foreign currencies which make it impossible to withdraw money received from
illegal activities.
According to an
announcement by the Belarusian Ministry of Foreign Affairs, local
authorities have intercepted almost 30 fraudulent activities involving illegal crypto exchange services since the start of the year. The value of the transactions is
reportedly about 22 million Belarusian rubles ($8 million).
Commenting via Telegram, Alexander Ringevich,
the Head of the Main Directorate at the Belarusian Ministry of Internal
Affairs, said in a statement translated from the Belarussian:
“Such services are in demand among fraudsters who cash out and convert
stolen funds, transfer money to organizers or to the participants of criminal schemes.”
However, the Eastern
European country will continue to permit cryptocurrency transactions exchanged
through the platforms registered with the Belarus Hi-tech Park (HTP), a tax
and legal regime for businesses conducting IT business in the country. Such an arrangement, according to the…
