Belarus is one of the first countries to adopt legislation in the field of cryptocurrencies. In 2017, Decree No. 8 "On the Development of the Digital Economy" was signed, which legalized operations with digital assets, including cryptocurrencies and coins. According to this document, citizens have the right:

• Buy and sell cryptocurrency for personal purposes.
• Engaging in mining of digital assets.
• Exchange cryptocurrency for other types of assets.
• To gift or bequeath digital coins.

It is important to note that cryptocurrency is not recognized as an official means of payment in Belarus. The only legal currency remains the Belarusian ruble. Cryptocurrency is considered "other property," which limits its use for the payment of goods and services. Any activities beyond what is permitted, such as mediation or trading on behalf of third parties, may be classified as illegal entrepreneurship and can result in fines of up to 100 basic units.

On September 17, 2024, Decree No. 367 came into effect, which introduced additional restrictions. Now, individuals are required to conduct operations for the purchase and sale of cryptocurrency for fiat money ( Belarusian rubles, dollars, euros, etc. ) exclusively through Belarusian cryptocurrency exchanges or exchange points. This restriction does not apply to trading cryptocurrency on foreign platforms if it was acquired earlier; however, to sell for fiat, the assets must be transferred to Belarusian platforms.

How to trade cryptocurrency in Belarus?

Cryptocurrency trading in Belarus is available for both beginners and experienced traders. To get started, it is important to follow certain steps and consider local legal features.

Choosing a Trading Platform

For legal cryptocurrency trading in Belarus, individuals need to use licensed Belarusian crypto exchanges, such as Currency.com or Free2ex, for operations with fiat currencies. These platforms support transactions with bank cards (VISA, Mastercard) and payment systems, such as ERIP, and also offer a wide selection of cryptocurrencies, including Bitcoin, Ethereum, and Tether.

However, for trading between cryptocurrencies (, for example, exchanging BTC for ETH ), international platforms can also be used. One of the popular exchanges is Gate, which provides access to a large number of crypto assets, including Bitcoin, Ethereum, and many altcoins.

Account Registration and Verification

To start trading on most platforms, including Belarusian exchanges, registration is required. The process usually takes a few minutes: you need to provide an email, create a password, and undergo verification (KYC) by providing identity documents. Verification on Belarusian exchanges is mandatory for fiat transactions, while on some international platforms it may be optional for small trading volumes.

Account Top-Up and Start Trading

After completing the registration, you need to fund your account. On Belarusian exchanges, this can be done via bank transfer, card, or ERIP. If you are using an international platform, funding is possible through cryptocurrency transfers (, for example, sending BTC or USDT to the exchange wallet ). Next, you can:

• Trade on the spot market (buy/sell at the current price).
• Use margin trading or futures to increase potential profit ( with increased risks ).
• Copy the trades of experienced traders using the copy trading feature available on some platforms.

Compliance with Tax Obligations

Until January 1, 2023, individuals in Belarus were exempt from income tax on cryptocurrency transactions. However, starting from 2023, income from the sale of cryptocurrency is subject to taxation if it exceeds a specified limit. It is advisable to declare large transactions to avoid questions from tax authorities. Belarusian exchanges generally provide certificates for tax reporting.

Risks and Limitations

Despite progressive legislation, cryptocurrency trading in Belarus is associated with certain risks:

• Ban on P2P transactions through foreign platforms. Using P2P services to buy or sell cryptocurrency for fiat outside of Belarusian exchanges may be considered a violation of decree No. 367, which entails administrative liability.
• Blocking of bank accounts. Banks may freeze accounts in case of suspicious transactions related to cryptocurrencies if they do not comply with the law.
• Fraud. Using unverified exchanges or dubious platforms can lead to loss of funds. Always check the reputation of the exchange before starting to work.

Results

Cryptocurrency in Belarus is a legal tool for investment and trading but requires strict adherence to legislative norms. Individuals can buy, sell, and mine cryptocurrency, but fiat operations must be conducted exclusively through Belarusian exchanges. International platforms, such as Gate, are suitable for trading between cryptocurrencies and provide more opportunities for experienced investors. To avoid legal issues, it is important to declare income, use verified platforms, and keep track of legislative updates.

To trade cryptocurrency successfully and safely in Belarus, study the current laws, choose reliable exchanges, and manage your assets wisely. Start your crypto journey with caution and attention to detail!