Ministry of Foreign Affairs of Belarus Legislation is being amended to prohibit peer-to-peer (P2P) transactions in cryptocurrencies such as Bitcoin.
On July 2, the MinistryleaveOfficial announcement on Telegram about new law that will ban P2P crypto exchanges for individuals
Citing the high cybercrime rate in Belarus, the authority said the local prosecutor had suspended the activities of 27 people providing services. They have been operating as “illegal crypto exchanges” since January 2023, with their total illegal income amounting to almost 22 million Belarusian rubles ($8.7 million).
The ministry argued that P2P crypto services are preferred by scammers who withdraw and convert stolen funds and transfer funds to participants in organized crime schemes.
and to eliminate such illegal activities. The ministry will ban individuals from using P2P and will only allow them to trade crypto via exchanges registered with the Belarus Hi-Tech Park (HTP).
“MFA is working on legislative innovations that prohibit crypto transactions between individuals for transparency and control. Citizens are only allowed to conduct financial transactions through exchanges registered with HTP.”
The agency also plans to adopt practices similar to foreign exchange procedures, which will make it “non-excessive withdrawal of funds obtained through illegal activities”.
The post Belarus Prepares to “Ban” P2P Crypto Transactions appeared first on Bitcoin Addict.