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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.

Tags in this story
Belarus, belarusian, confiscation, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Decree, foreclosure, justice ministry, Regulation, Regulations, Seizure

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

5D400B11 D5DE 4922 B4F4 0F7229C37672 | Belarus Adopts Legal Procedure for Seizure of Illicit Cryptocurrency | The Paradise News
Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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