Belarus President Aleksandr Lukashenko pressed his government to introduce tougher regulation for the crypto industry, local media reported on Sept. 5.
According to the report, Lukashenko warned that lax oversight was undermining investor security and the state’s economic interests.
The President delivered the rebuke during a high-level government conference after a state audit found that about half of all citizen investments sent to foreign crypto platforms fail to return.
The inspection, carried out by the State Control Committee, also uncovered violations in how domestic platforms register financial operations.
Push for regulatory overhaul
The President said he had ordered a comprehensive framework for digital tokens and crypto as far back as 2023, but no binding legislation has reached his desk until now. The country has also initiated plans to create a central bank digital currency tied to the Russian ruble.
He criticized the government for allowing “digital life” to outpace the law, urging officials to finalize regulations that guarantee financial stability while protecting investors.
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Currently, digital asset activity in Belarus falls under the Hi-Tech Park, a special economic zone governed by Ordinance No. 8. The framework, introduced to foster the country’s IT sector, sets the legal foundation for token creation and trading.
Lukashenko acknowledged the framework but said it was insufficient and signalled that traditional state agencies would soon play a larger role in the sector’s oversight.
Balancing security and investment
The measures Lukashenko outlined focus on creating transparent rules for market participants, including safeguards that ensure funds remain within the country.
At the same time, he stressed the importance of allowing legitimate local businesses and foreign investors to continue operating in what he called Belarus’ “digital haven.”
The government has not yet released a timetable for when new regulations will be enacted, but Lukashenko’s ultimatum indicates that the crypto industry in Belarus is likely to face a sharp increase in state scrutiny in the months ahead.
Source: https://cryptoslate.com/belarus-president-calls-for-tightened-crypto-regulation-to-protect-investors-and-economy/
