Belarus Adopts Legal Procedure for Seizure of Illicit Cryptocurrency – Regulation Bitcoin News

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

Ministry of Justice regulates confiscation of digital currencies in Belarus

The Belarusian Ministry of Justice has established a legal procedure for the seizure of cryptocurrency funds as part of enforcement procedures, cryptocurrency news outlet Forklog reported, citing an announcement published by the department.

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

The authorities that carry out the criminal process will account for the crypto funds seized or forfeited, detailed the Ministry of Justice. Its April 14 document also covers the foreclosure of digital assets as part of asset seizures from debtors and regulates their valuation.

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

Belarus legalized various crypto activities with another presidential decree signed at the end of 2017 and taking effect in May of the following year. Introduced tax breaks and other incentives for crypto companies operating as residents of the hi-tech park (HTP) in Minsk as part of 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. However, Belarus ranks third in the region in terms of cryptocurrency adoption, according to the Cryptocurrency Adoption Index produced by blockchain analytics firm Chainalysis, largely due to strong peer-to-peer activity.

In March of last year, Lukashenko hinted at a possible tightening of the country’s crypto regulations and touched on China’s policies. However, HTP officials later cleared up that the Belarusian authorities had no plans to adopt stricter rules for the industry. In addition, in February of this year, the Ministry of Finance proposed modifications that let investment funds to acquire digital assets.

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Belarus, Belarusian, confiscation, crypto, crypto assets, CRYPTOCURRENCIES, cryptocurrency, decree, mortgage’s trial, Ministry of Justice, Regulation, Regulation, Embargo

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

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Lubomir Tassev

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

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