Cryptocurrency NewsBelarus Pursues Clampdown on P2P Crypto Transactions

Belarus Pursues Clampdown on P2P Crypto Transactions

To tackle the growing threat of cybercrime in Belarus, the government has introduced a proposal to prohibit peer-to-peer (P2P) transactions involving cryptocurrencies like Bitcoin.

The Ministry of Foreign Affairs (MFA) of the Republic of Belarus has provided a comprehensive outline of the legislation’s objectives, as well as its implications for users of crypto exchanges. Under the proposed ban, individuals will only be able to engage in crypto transactions through established exchanges, a measure intended to enhance transparency and regulatory control.

As per an official statement released on July 2nd, the Ministry of Foreign Affairs (MFA) has reported significant progress in combating illegal crypto exchange services. The statement reveals that local prosecutors have successfully taken action against 27 individuals involved in such activities, resulting in the recovery of a substantial sum of $8.7 million in illicit profits.

“The Ministry of Internal Affairs is working on legislative innovations that prohibit transactions for the exchange of cryptocurrency between individuals. For transparency and control, citizens will be allowed to carry out such financial transactions only through the HTP exchanges.”

This recent development represents a significant departure from the previous stance of the Belarusian government, which had largely embraced a crypto-friendly approach. Just last year, President Alexander Lukashenko enacted a decree specifically aimed at establishing a registry for crypto wallets as a preventive measure against unlawful activities.

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