Belarus told about criminal cases for illegal bitcoin transactions


In 2022, the State Control Committee of Belarus opened 70 criminal cases related to the illegal movement of cryptocurrencies. This is reported by the local edition of BelTA with reference to the chairman of the department Vasily Gerasimov.

According to him, virtual assets contribute to the unregulated movement of capital.

“The decentralized nature of the crypto market and the anonymity of the participants in operations make it impossible to create clear algorithms for controlling transactions. The possibilities of exerting legal influence on foreign cryptocurrency platforms are limited,” Gerasimov specified.

Nevertheless, the developed technologies allow the committee to identify schemes involving digital assets.

“Register created [использующихся в противоправной деятельности] virtual crypto wallets that we are gradually identifying. The committee has recently identified about 70. And the more we see these crypto wallets, the more transactions we can track,” he said.

The head of the department emphasized the importance of developing bitcoin exchanges operating on the basis of the Hi-Tech Park, since the payments going through them are “transparent”.

Transaction tracking in Belarus is carried out by the Committee’s Financial Monitoring Department and the Financial Investigation Department.

Now the department is developing criteria for suspicious financial transactions that will be brought to the banking system.

“They refuse to make such a payment and provide us with information, and we are already further figuring out what the essence of the matter is,” Gerasimov added.

Recall that on March 28, 2018, the Decree on the Development of the Digital Economy came into force in Belarus, which established framework conditions for the use of cryptocurrency and tokens, and also introduced tax incentives for cryptocurrency transactions.

In April 2022, the Ministry of Justice of Belarus determined the procedure for collecting digital currencies as part of enforcement proceedings. The document was adopted to implement the decree on the creation of a register of bitcoin wallets used in illegal activities.

According to lawyers, the mechanisms for the confiscation and subsequent sale of digital assets prescribed in the resolution are not clear and require clarification.

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