Belarusian banks will not be able to work directly with the cryptocurrency

As stated in the explanatory letter of the National Bank of Belarus (NBB), Belarusian banks may not do the crypto operations directly.

«In accordance with the Banking code, cryptocurrency transactions are not recognised in banking, so banks may not engage in such transactions directly,» the letter reads. To amend a banking license is not planned.

28 Mar 2018 entered into force the decree of the President of Belarus «On the development of the digital economy», which is aimed primarily at the development of IT business in the country. Among the innovations provides for the possibility of dealing with digital assets that can conduct cryptocurrency exchange registered as residents of the Belarusian high-tech Park.

The national Bank explains that in accordance with the provisions of the decree the procedure for trade tokens define the operators cryptoplasm.

For calculations on trades and ongoing operations, the operators cryptoplasm can open accounts in banks, non-Bank financial institutions of Belarus and abroad.

As noted in his letter to the BNB, the banks will not exercise control over the activities of cryptocurrency exchanges and operators of exchanges of cryptocurrency. However, in the framework of prevention activities for the legalization of incomes, received by criminal way and financing of terrorism and financing of proliferation of weapons of mass destruction, banks will have to identify suspicious financial transactions of customers that can be associated with buying and selling tokens for Belarusian rubles, foreign currency and electronic money.

The NBB also draws attention to the fact that you must constantly conduct explanatory work with the population about the risks associated with investing in high-risk financial instruments, which are not regulated by the Belarusian legislation.

The adopted decree provides measures for liberalization of conditions of conducting activities in the sphere of new and high technologies, including the improvement of the legal status of residents of the Park of high technologies. In particular, will create conditions for introduction in the economy of Belarus technology of the blockchain and other technologies based on the principles of distribution, decentralization and security occur with their use operations.

Given the fact that prior to the adoption of the decree the appeal cryptocurrency assets in the country is not governed by law, the document stipulates that legal persons have the right to own tokens, and, given the number of features to carry out certain operations. Individuals are allowed to own tokens, to engage in mining, store, exchange, give and bequeath tokens. Furthermore, tokens cannot be declared.

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