Belarus Adopts Legal Procedure for Seizure of Illicit Cryptocurrenc
According to Forklog, the Ministry of Justice of Belarus has created a legal process for seizing cryptocurrency funds in enforcement proceedings.
This measure implements a directive issued by President Alexander Lukashenko regarding the country’s cryptocurrency space. It was signed by the Belarusian leader on February and orders the creation a register to record crypto wallet addresses that are used for illegal purposes.
The justice ministry explained that authorities will have to account for any seized or forfeited cryptocurrency funds. The document, dated April 14, also covers the confiscation of digital assets and regulates their valuation.
Minsk’s government had three months to make the necessary steps to implement Lukashenko’s latest crypto-related order. After that, it will be in force.
Belarus legalized crypto activities through a presidential decree that was signed in late 2017, and implemented in May 2017. In an effort to boost the country’s digital economy, it provided tax breaks and other incentives to crypto businesses that are residents of the Hi-Tech Park in Minsk.
A close ally of Russia and a former Soviet republic, Belarus does not allow cryptocurrency payments. According to Chainalysis’ Crypto Adoption Index, Belarus is third in the region for crypto adoption. This is largely due to strong peer to peer activity.
Lukashenko suggested that the country might tighten its crypto regulations in March of last year and referenced China’s policies. HTP officials later clarified the fact that Belarusian authorities did not intend to adopt any stricter rules in this area. The Ministry of Finance also proposed amendments in February that would enable investment funds the acquisition of digital assets.
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