Skip to main content

Belarus Adopts Legal Procedure for Seizure of Illicit Cryptocurrency

Belarus Adopts Legal Procedure for Seizure of Illicit Cryptocurrency

Implementing a recently signed presidential decree, the government of Belarus has introduced a procedure allowing the state to seize digital currency holdings. The move will grant law enforcement authorities in Minsk powers to seize crypto assets linked to illegal activities.

Justice Ministry Regulates Confiscation of Digital Coins in Belarus

The Ministry of Justice of Belarus has established a legal procedure for the seizure of cryptocurrency funds as part of enforcement proceedings, the crypto news outlet Forklog reported, quoting an announcement released by the department.

The measure aims to implement a decree by President Alexander Lukashenko pertaining to the country’s crypto space. Signed by the Belarusian leader in February, it orders the creation of a special register for crypto wallet addresses used for illicit purposes.

Authorities conducting the criminal process will account for the seized or forfeited crypto funds, the justice ministry detailed. Its document dated April 14 also covers the foreclosure of digital assets as part of confiscations of debtors’ property and regulates their valuation.

The government in Minsk had three months to take the necessary steps to implement Lukashenko’s latest crypto-related order after which it will enter into force.

Belarus legalized various crypto activities with another presidential decree signed in late 2017 and enforced in May of the following year. It introduced tax breaks and other incentives for crypto businesses operating as residents of the Hi-Tech Park (HTP) in Minsk within efforts to develop the country’s digital economy.

The former Soviet republic, a close ally of Russia, does not allow the use of cryptocurrencies in payments. Nevertheless, Belarus ranks third in the region in terms of crypto adoption, according to the Crypto Adoption Index produced by blockchain analytics firm Chainalysis, largely due to strong peer-to-peer activity.

In March last year, Lukashenko hinted at a possible tightening of the country’s crypto regulations and referred to China’s policies. However, HTP officials later clarified that Belarusian authorities had no plan to adopt stricter rules for the industry. What’s more, in February of this year, the Ministry of Finance proposed amendments that will allow investment funds to acquire digital assets.

Do you expect Belarus to change its policies towards cryptocurrencies? Let us know in the comments section below.



from Bitcoin News https://ift.tt/oqlw7vh
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more