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In the Republic of Belarus, there is a tendency to increase the number of cases of illegal use of cryptocurrencies considered by economic courts.
Due to the expansion of the use of cryptocurrencies for illegal purposes in 2021, the relevant standards of prosecution were introduced into the country's legislation, and in 2023, the country's economic courts considered more than 130 such cases compared to two cases in 2022,said Alexander Pautov, a judge of the country's Supreme Court, in an interview with the National Legal Internet Portal.
Provisions on bringing violators to administrative responsibility for illegal operations with cryptocurrencies are contained in Decree No. 8 of the President of the Republic of Belarus dated December 21, 2017 "On the Development of the Digital Economy", which introduced subparagraph 2.6 in 2021, prohibiting assistance to other persons in making or executing transactions with cryptocurrencies.
Speaking about the general provisions of legal regulation in this area, Pautov recalled that by using the Decree, the Republic of Belarus became one of the first states to establish rules for working with cryptocurrencies at the legislative level.
At the same time, Pautov recalled, there is a misconception that cryptocurrencies are money, a means of payment. However, according to experts, the legal nature of cryptocurrencies can rather be defined as "other property", which is taken into account in the Decree that restricts the range of relevant operations.
Thus, the document allows legal entities to conduct operations with cryptocurrencies through residents of the Hi-Tech Park, while such persons themselves do not have the right to make such transactions.
Individual entrepreneurs can also make transactions with cryptocurrencies if they are residents of the Hi-Tech Park.
Nevertheless, representatives of these categories in any case do not have the right to pay with cryptocurrency funds.
As for individuals, they are allowed to mine cryptocurrencies, store cryptocurrencies, exchange them for other types of cryptocurrencies, purchase and dispose of cryptocurrencies exclusively for Belarusian rubles or foreign currency. It is forbidden to exchange cryptocurrencies for other property and pay with them, that is, use them as a means of payment.
"I would like to emphasize that all operations with cryptocurrency can be carried out by individuals for their own purposes. Any intermediary activity is illegal. As an example of such activities, you can cite issuing a bank card to an individual and performing operations in the interests of third parties. Or, for example, a person took money from someone, used it to buy cryptocurrency and transferred it to someone. All this is no longer an independent activity, it is illegal and falls under illegal business activities, " the judge of the Supreme Court of Belarus noted.
Due to the expansion of the use of cryptocurrencies for illegal purposes in 2021, the relevant standards of prosecution were introduced into the country's legislation, and in 2023, the country's economic courts considered more than 130 such cases compared to two cases in 2022,said Alexander Pautov, a judge of the country's Supreme Court, in an interview with the National Legal Internet Portal.
Provisions on bringing violators to administrative responsibility for illegal operations with cryptocurrencies are contained in Decree No. 8 of the President of the Republic of Belarus dated December 21, 2017 "On the Development of the Digital Economy", which introduced subparagraph 2.6 in 2021, prohibiting assistance to other persons in making or executing transactions with cryptocurrencies.
Speaking about the general provisions of legal regulation in this area, Pautov recalled that by using the Decree, the Republic of Belarus became one of the first states to establish rules for working with cryptocurrencies at the legislative level.
At the same time, Pautov recalled, there is a misconception that cryptocurrencies are money, a means of payment. However, according to experts, the legal nature of cryptocurrencies can rather be defined as "other property", which is taken into account in the Decree that restricts the range of relevant operations.
Thus, the document allows legal entities to conduct operations with cryptocurrencies through residents of the Hi-Tech Park, while such persons themselves do not have the right to make such transactions.
Individual entrepreneurs can also make transactions with cryptocurrencies if they are residents of the Hi-Tech Park.
Nevertheless, representatives of these categories in any case do not have the right to pay with cryptocurrency funds.
As for individuals, they are allowed to mine cryptocurrencies, store cryptocurrencies, exchange them for other types of cryptocurrencies, purchase and dispose of cryptocurrencies exclusively for Belarusian rubles or foreign currency. It is forbidden to exchange cryptocurrencies for other property and pay with them, that is, use them as a means of payment.
"I would like to emphasize that all operations with cryptocurrency can be carried out by individuals for their own purposes. Any intermediary activity is illegal. As an example of such activities, you can cite issuing a bank card to an individual and performing operations in the interests of third parties. Or, for example, a person took money from someone, used it to buy cryptocurrency and transferred it to someone. All this is no longer an independent activity, it is illegal and falls under illegal business activities, " the judge of the Supreme Court of Belarus noted.
