Lukashenko Pushes for Crypto Rules in Belarus, Seems Impatient

Belarus President Aleksandr Lukashenko wants crypto regulations now. Digital assets are booming there. Too fast, perhaps.

At a recent digital economy conference, he made his stance clear. The crypto sector? Full of potential. But the laws? Lagging behind.

"Cryptocurrency offers many chances but it's moving quicker than our laws," he said. Rules need clarity. Control mechanisms must emerge.

This isn't his first attempt. Back in 2023, Lukashenko asked for comprehensive crypto guidelines. Yet nothing's landed on his desk. Frustrating.

Belarus currently handles tokens through its Hi-Tech Park under Ordinance No. 8. Not enough anymore. Things have changed.

A surprise inspection found problems. Some crypto platforms aren't properly recording transactions. Money's leaving the country.

"About half the cash Belarusian investors send abroad never comes back," Lukashenko complained. Not good for Belarus.

Still, he's not anti-innovation. Far from it. He wants Belarus to remain a "digital haven" - kind of surprising given his concerns.

"New rules should support legitimate businesses," he explained. Foreign investors should feel welcome. It's a balancing act, really. Not entirely clear how he'll manage both control and freedom.