Quick Summary
- Belarus has established a register of cryptocurrency wallets linked to criminal activities to combat financial crimes.
- The initiative is part of a broader effort to meet the standards set by the Financial Action Task Force (FATF).
- Belarus is updating its cryptocurrency regulations to enhance transparency and prevent the use of digital assets for illegal activities.
- The country is also advocating for unified crypto regulations within the Eurasian Economic Union (EAEU).
Belarusian Authorities Track Crypto Wallets Used for Illegal Activities
Belarus is actively maintaining a register of cryptocurrency wallets involved in processing criminal proceeds. This move underscores the nation’s commitment to combating financial crimes in the digital asset space.
The database is a key component of a comprehensive framework designed for the seizure of illicit digital funds. This framework has been put in place in anticipation of the country’s upcoming evaluation by the Financial Action Task Force (FATF).
According to Vasily Gerasimov, Chairman of the State Control Committee (SCC), Belarusian authorities have created a specialized register for digital currency wallets implicated in generating criminal income. This register is continuously updated to stay current with the evolving landscape of crypto-related financial crimes.
💡 Insight: This initiative showcases a proactive approach by Belarus to regulate cryptocurrencies and combat their use in illicit activities. By tracking wallets used for criminal purposes, authorities can identify and disrupt illegal financial flows.
Combating Money Laundering and Terrorism Financing
Gerasimov made the announcement during a plenary session of the Eurasian Group (EAG) on Combating Money Laundering and the Financing of Terrorism. The EAG is a regional body that mirrors the FATF on a global scale.
During the meeting held in Minsk, Gerasimov emphasized Belarus’s readiness for the forthcoming assessment by the FATF. He further disclosed that Belarusian regulators are implementing new approaches for financial investigations and the rapid detection of illicit financial transactions.
Gerasimov also highlighted that regulations governing the taxation of cryptocurrency transactions, along with other measures aimed at ensuring transparency in the digital asset sector, have already been implemented.
📍 Tip: Staying informed about changes in crypto tax laws and regulations is crucial for anyone involved in digital assets. Belarus’s approach to taxing crypto transactions indicates a growing trend toward incorporating digital assets into the traditional financial system.
Belarus Updates Crypto Regulations for Greater Oversight
The plenary week of the EAG, which commenced on Monday in the capital city of Belarus, saw participation from over 300 representatives from governmental bodies, law enforcement agencies, financial intelligence units, and the private sector across member states. Experts from numerous other countries also attended the event.
The EAG comprises nine member countries, including Belarus, China, Kazakhstan, Kyrgyzstan, India, Russia, Tajikistan, Turkmenistan, and Uzbekistan. It functions as an associate member of the FATF.
The SCC, led by Vasily Gerasimov, is the Belarusian government entity responsible for overseeing the execution of the national budget, the management of state property, and adherence to existing laws. The SCC’s responsibilities also include conducting audits and initiating criminal proceedings, mirroring the functions of similar bodies in other nations.
✅ Key Action: Compliance with regulations is essential for all participants in the cryptocurrency space. The actions of Belarus demonstrate the increasing importance of regulatory compliance and transparency in the global crypto market.
Belarus Pioneers Crypto Regulation in the Region
Belarus has positioned itself as a leader in cryptocurrency regulation within its region. The legalization of transactions involving “digital tokens” came into effect in 2018 through the presidential decree “On the Development of the Digital Economy.”
This decree established the legal framework for crypto-related activities like mining and trading for residents of the Belarus Hi-Tech Park (HTP). The HTP operates under a special legal regime, offering various advantages to registered companies, primarily those in the IT sector.
Earlier this year, President Alexander Lukashenko stressed the increasing significance of cryptocurrencies, particularly in payment systems, and advocated for the modernization of crypto regulations.
📊 Analysis: Belarus’s early adoption of crypto regulations provides a framework for other countries in the region. As digital currencies gain prominence, more nations may look to Belarus for guidance on regulatory best practices.
Focus on Preventing Illegal Crypto Circulation
In October, the National Bank of the Republic of Belarus (NBRB) established a working group aimed at combating the illicit circulation of cryptocurrencies. The primary goal is to prevent unauthorized payment transactions and the transfer of stolen funds abroad.
Concerns regarding capital flight prompted financial authorities in Minsk to prohibit private citizens and individual entrepreneurs from engaging in the buying and selling of digital currencies on non-Belarusian exchanges starting in September 2024.
In mid-November 2025, the NBRB proposed the creation of a unified regulatory framework for cryptocurrencies within the Eurasian Economic Union (EAEU), a single market comprising five former Soviet states.
Frequently Asked Questions about Cryptocurrency Regulation in Belarus
What is the main goal of Belarus in regulating cryptocurrencies?
The main goal is to prevent the use of cryptocurrencies for illegal activities, such as money laundering, terrorism financing, and unauthorized financial transactions, while also ensuring transparency.
What measures has Belarus taken to regulate cryptocurrencies?
Belarus has established a register of cryptocurrency wallets used for criminal activities, implemented regulations for taxing crypto transactions, and banned citizens from using non-Belarusian exchanges. The country is also pushing for unified crypto regulations within the Eurasian Economic Union (EAEU).
How does Belarus’s approach to crypto regulation compare to other countries?
Belarus has been an early adopter of crypto regulations in its region, providing a framework that other countries may follow. Its focus on preventing illegal activities while fostering technological development sets it apart.
What is the Belarus Hi-Tech Park (HTP) and its role in crypto regulation?
The HTP operates under a special legal regime that provides benefits to registered IT companies, including those involved in crypto-related activities like mining and trading. This encourages innovation while ensuring regulatory oversight.
Final Thoughts
Belarus is taking significant steps to regulate cryptocurrencies, focusing on preventing their use in illegal activities and promoting transparency. The establishment of a register for tracking illicit crypto wallets and the push for unified regulations within the EAEU highlight the country’s commitment to creating a secure and regulated digital asset environment.
As cryptocurrencies continue to gain importance in the global financial landscape, Belarus’s regulatory efforts may serve as a model for other countries seeking to strike a balance between innovation and security in the digital asset space.
