Belarus High-Technologies Park (HTP) also known as the country’s Silicon Valley, have released a regulatory framework for the crypto industry according to documents published today, Nov 30. This milestone places Belarus in the list of countries to have regulated the emerging industry.
The Belarus HTP has been at the forefront of technology revolutions in the country, so it is of little surprise that the government charged the region with developing the regulations. Following its completion, the relevant authorities have also backed the framework which will now be a “complete legal regulation of cryptocurrency in Belarus.”
.A local news source, Dev.by confirms,
“The cryptocurrency activities of the HTP residents received full comprehensive legislative support from the regulator. The HTP administration, together with the National Bank, the Financial Monitoring Department of the State Control Committee, international experts and other bodies, compiled and signed all the necessary documents.”
The five documents used for crypto regulation in Belarus include
Crypto Regulation In Belarus: Bringing The Space Under Control
The documents released by the HTP today covers all-crypto and blockchain related business in the country. It is also in compliance with the Belarusian Decree No. 8 “On the Development of the Digital Economy” which the country unveiled earlier this year.
One of the key points of the new crypto regulation in Belarus is that the HTP has been appointed to check new companies that want to join the industry. For instance, they will check the reputation of the staff and owners of the company, the financial condition, the origin of the assets and how they are implementing cybersecurity.
Financial requirements for crypto-business operators was pegged at 2 million Belarusian rubles ($938,174) while ICO operators will only be approved if they have capital that amounts up to 500 thousand Belarusian rubles ($234,543).