Wit -Russia -President Aleksandr Lukashenko pushed his government to introduce hard regulations for the crypto industry, local media reported on 5 September.
According to the report, Lukashenko warned that Lax supervision undermined the security of the investors and the economic interests of the state.
The president delivered the reprimand during a high-level government conference after a state audit has established that about half of all citizen investments sent to foreign crypto-platforms will not return.
The Inspectorate, carried out by the State Control Committee, also discovered violations in how domestic platforms record financial activities.
Push to legal revision
The president said that he had already ordered an extensive framework for digital tokens and crypto in 2023, but so far no binding legislation has reached his agency. The country has also started plans to create a digital currency from the central bank that is linked to the Russian rubles.
He criticized the government for allowing ‘digital life’ to surpass the law and urged civil servants to complete rules that guarantee financial stability and at the same time protect investors.
The Crypto Investor Blueprint: A 5-day course on Bagholding, Insider Front-Runs and Missing Alpha
Currently, digital asset activity in Belarus Park falls under the Hi-Tech Park, a special economic zone that is governed by Regulation No. 8. The framework, introduced to promote the country’s IT sector, lays the legal foundation for creating and acting of token.
Lukashenko recognized the framework, but said it was insufficient and indicated that traditional government agencies would soon play a greater role in the supervision of the sector.
Security security and investments in balance
The Lukashenko measures outlined the focus on creating transparent rules for market participants, including guarantees that ensure that funds remain in the country.
At the same time, he emphasized the importance of allowing legitimate local companies and foreign investors to continue to operate in what he called ‘digital port’ of Wit -Russia.
The government has not yet released a timetable for when new regulations are set, but the ultimatum of Lukashenko indicates that the crypto industry in Wit -Russia will probably be confronted in the coming months.