Belarus has established a new task force to curb illicit cryptocurrency transactions and unauthorized cross-border transfers, reflecting an intensified effort to control digital assets while simultaneously promoting a regulated crypto market.
The National Bank of Belarus (NBRB) announced the formation of the working group, which will specifically target unauthorized payments and international transfers lacking proper licenses. This decision followed a meeting between NBRB officials, representatives from Belarusian banks, and government-approved crypto companies registered in the High-Tech Park (HTP).
Vice-Governor Alexander Egorov led the discussions, which focused on preventing the use of registered platforms for sending illicit funds abroad. Local media reports indicated that attendees agreed on the need for comprehensive solutions to address illegal crypto schemes.
The NBRB acknowledged the expanding cryptocurrency market in Belarus and expressed support for its development, provided it operates within existing laws. However, authorities emphasized the critical need for coordinated efforts to combat fraud and monitor suspicious financial flows.
Belarus was an early adopter of cryptocurrency regulation in Eastern Europe, legalizing mining and trading in 2017 under a decree signed by President Alexander Lukashenko. Companies dealing in digital tokens are required to register with the HTP, which offers tax incentives.
Despite this initial openness, authorities imposed significant restrictions in September 2024, prohibiting individuals and HTP-registered entrepreneurs from using foreign cryptocurrency exchanges. This measure aimed to prevent capital flight, halt illicit fund transfers, and mitigate the use of cryptoassets to evade international sanctions, a concern shared with key ally Russia.
International sanctions have increasingly driven Belarusian citizens and businesses towards cryptocurrencies, as access to traditional financial channels has become restricted. President Lukashenko recently reported that cross-border crypto transactions reached $1.7 billion USD in the first seven months of the year, with projections suggesting they could hit $3 billion USD by year-end.
Lukashenko stated that “cryptocurrency-based operations are more active than ever, and their role in payments continues to grow.” Reflecting this trend, the Russian e-commerce giant Wildberries recently enabled crypto payments in Belarus through Whitebird, a local exchange registered with the HTP.
The Belarusian government plans to update its legal framework for cryptocurrencies. Lukashenko has urged accelerated modernization of these regulations, noting that “the industry advances faster than legislation.”
In August, NBRB Governor Roman Golovchenko confirmed the central bank had already drafted amendments to strengthen the regulated use of cryptoassets, aiming for “high-impact results.” This ongoing strategy highlights Belarus’s dual approach: fostering a controlled crypto ecosystem while rigorously policing activities outside its established legal boundaries.