Crypto Market Business Rules And Investment Requirements Established In Belarus
Belarus has an economic zone that is specifically centered around the IT business called High-Technologies Park (HTP). In a recent document that was published by this entity on November 30th, the group has created rules that will dictate exactly how the crypto market will work within their boundaries.
In the documents, readers will find the requirements that apply to businesses involved in cryptocurrencies and Initial Coin Offerings (ICOs). This follows Decree No. 8 “On the Development of the Digital Economy”, a document that was signed last year as a general regulation over the industry.
The HTP, which is also referred to as the Belarusian Silicon Valley, is wholly responsible for creating these rules in the country. As of today, there are five documents that outline the regulatory rules:
- “Requirements for Applicants”
- “Requirements for Cryptoplatform Operators”
- “Requirements for Cryptocurrency Exchange Office Operators”
- “Requirements for ICO Operators”
- “Requirements for Internal Control Rules”
This new collection of rules has already been approved locally, creating a “complete legal regulation of cryptocurrency in Belarus,” according to Dev.by.
The report continues, saying,
“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.”
Earlier in the Spring, the authorities in Belarus felt that the digitization of their economy was “a top priority.” They were enthralled by the ability it has to reinvigorate the economy, public administration and social services.
By fall, Belarus’s deputy foreign minister said that the country intended to get involved with South Korean investors to focus on both blockchain technology and artificial intelligence.