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According to a statement by the Belarusian Interior Ministry in its Telegram channel on July 2, the ban on cryptocurrency peer-to-peer transactions will prevent the withdrawal of funds obtained by criminal means. Authorities cited the high level of cybercrime in the country, noting that since January 2023, local law enforcement agencies have cracked down on 27 citizens providing “illegal cryptocurrency exchange services.”. Their total income was almost 22 million Belarusian rubles (about $8.7 million).
The ministry stressed that cryptocurrency P2P services are especially in demand among fraudsters cashing in stolen digital assets, or organizers of criminal groups. To prevent this illegal activity, the Belarusian authorities will allow individuals to exchange cryptocurrencies only through exchanges registered in the High Tech Park (HTP), a special tax and legal regime in Belarus. This will increase transparency and control over financial transactions.
The department also noted that by introducing practices similar to the foreign currency exchange procedure, it would be unprofitable for fraudsters to carry out their schemes. However, many cryptocurrency enthusiasts doubted that the Belarusian government is capable of banning P2P transactions with cryptocurrencies, wishing it “good luck in this matter.”
The statement by the Belarusian Interior Ministry contradicts last year’s statement by Belarusian President Alexander Lukashenko, according to which free circulation of digital assets is not banned in the country. This is noted in the decree on the creation of a special registry, which includes cryptocurrency addresses that may be associated with criminals.
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