Belarus imposes strict control over peer-to-peer crypto transactions

The fight against illegal cryptocurrency circulation is reaching a new level. Belarus intends to radically reshape the P2P transaction market by banning citizens from conducting direct digital asset exchanges with each other.

What will change for cryptocurrency users

In its statement on July 2, the Ministry of Foreign Affairs of the republic announced the preparation of legislative initiatives that will restrict operations for exchanges between individuals. Instead, the government plans to establish a single legal channel for cryptocurrency conversion — through trading platforms officially registered in the High Technologies Park.

According to the agency, the new procedure will ensure full transparency of financial flows and make it impossible to withdraw funds of criminal origin by implementing control mechanisms similar to the existing currency exchange system.

Why authorities are taking such measures

Cybercrime statistics served as the basis for the decision. Since the beginning of 2023, local law enforcement agencies have recorded 27 cases of citizens providing unauthorized digital asset exchange services. The illegal income from this activity amounted to about 22 million Belarusian rubles (equivalent to 8.7 million US dollars).

The Ministry noted that P2P channels are actively used by criminals for money laundering and financing criminal structures. According to the regulator, introducing mandatory routing through official High Technologies Park exchanges will create an environment where fraudulent activities become economically unfeasible.

Skepticism from the crypto community

The announcement by Belarusian authorities has sparked a wave of doubt within the cryptocurrency community. Experts point out that completely suppressing P2P exchanges is technically impossible, as direct transactions between network participants are a fundamental property of blockchain, laid down by Bitcoin creator Satoshi Nakamoto.

Jan3 company leader Samson Mow cited China as an example, where such a ban was introduced back in 2021. Despite a complete ban on cryptocurrency operations for end users, many Chinese digital asset holders continue to use P2P services to trade their funds, bypassing government restrictions.

Context of Belarusian crypto policy

The new restrictive measures appear to be an unexpected turn. Just two years ago, in 2022, Belarusian President Alexander Lukashenko signed a decree positioning the country as a supporter of free cryptocurrency circulation, including Bitcoin. Such polar shifts in regulatory policy reflect the growing attention of states to the risks cryptocurrencies pose to financial security.