In Belarus, individuals have been banned from crypto trading on foreign exchanges

What’s new? On September 17, President of Belarus Alexander Lukashenko signed Decree No. 367 “On the circulation of digital signs (tokens),” which bans individuals from trading cryptocurrency outside Belarusian exchanges and exchangers. The ban also applies to individual entrepreneurs who are residents of the High-Techn Park (HTP). This is a special jurisdiction with a separate tax and legal regime for the development of the IT industry.

The decree on the President’s website

What else is known? The document deals with transactions for the purchase and sale of cryptocurrencies involving fiat currencies and electronic money. Such transactions must be conducted only on HTP resident exchanges.

As reported on the president’s official website, the purpose of the decree is to increase the protection of citizens when making cryptocurrency transactions, as well as to counter criminal activity using cryptocurrencies.

The ban on transactions outside local platforms registered in the HTP should ensure transparency and control over the circulation of cryptocurrency, as well as prevent the withdrawal of stolen funds from the country. It is noted that fraudsters, steal money from the bank accounts of citizens, and exchange them for cryptocurrency on foreign platforms.

Measures of administrative responsibility for violation of the decree have not yet been determined. The Council of Ministers together with stakeholders should develop them by June 1, 2025.

The decree came into force from the moment of its official publication on September 17. For legal entities, similar restrictions on crypto trading have been in place since 2017.

Currently, HTP residents include crypto exchanges and exchangers Tradex from OOO «Braytum», Dzengi.com from ZAO «Dzengi», FINSTORE.by from OOO «DFS», BYNEX from OOO «ERPBEL», Free2ex from OOO «Piksel’ Internet», Whitebird from ZAO «Uayt Bord», and FainEX from OOO «Fayneks».

Other HTP residents are the broker «Novyye tsifrovyye investitsii», miners «Grinmayner», «Mayning Brazers», «Ob"yedinennaya mayningovaya kompaniya» and blockchain game developer «Payara Games».

Last July, the Interior Ministry of Belarus proposed to ban the exchange of cryptocurrencies between individuals to combat fraud. It was also noted at the time that transactions would be possible only through exchanges within the framework of the HTP.

The country’s authorities have repeatedly cracked down on illegal cryptocurrency exchange activities. At the same time, last year, Lukashenko signed a decree extending tax benefits for crypto companies until 2025.