The government of Belarus is ramping up efforts to regulate the crypto industry, discussing the creation of a national framework and restrictions for citizens.
Regulation of the Crypto Industry
At a recent meeting, Belarusian President Alexander Lukashenko called on authorities to establish who will regulate the country’s crypto industry. Discussions focused on the role of the Hi-Tech Park in Belarus — the country’s IT hub — in new initiatives. This effort builds on Decree No. 80, which laid the groundwork for a national crypto framework.
Using Electricity for Mining
Lukashenko also suggested utilizing Belarus’s excess electricity for cryptocurrency mining. He instructed his energy minister to explore whether large-scale mining could become a profitable venture for the country, bluntly stating, "If it makes sense for us, let’s do it."
Restrictions on Cryptocurrency Trading
Despite its interest in blockchain, Minsk has already imposed limits on how its citizens can use crypto. In September 2023, Lukashenko signed Decree No. 367, banning peer-to-peer transactions and requiring individuals — including entrepreneurs in the Hi-Tech Park — to trade only through approved local exchanges. Officials claim the ban aims to ensure "transparent and controlled" circulation of tokens.
Belarus's government approach reflects a blend of curiosity and caution: it seeks to benefit from mining and regulated trading but does not allow fully decentralized use of cryptocurrencies. How these new rules are drafted will decide if Belarus can attract serious crypto activity.
