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HTP Administration authorized to oversee digital finances in Belarus

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MINSK, 19 March (BelTA) – The Hi-Tech Park (HTP) Administration has been authorized to monitor the activities of HTP resident companies who carry out financial transactions. This decision was formalized by Decree No.1 and Ordinance No.111 signed by Belarus President Aleksandr Lukashenko on 18 March, BelTA learned from the press service of the Belarusian leader.

The documents were developed in line with the decision taken at the meeting to discuss bills aimed at combating illicit financial transactions in IT on 16 March.

A reminder, the meeting hosted by Belarus President Aleksandr Lukashenko discussed, among other things, the proposal of the government, the State Control Committee and the National Bank to specify some provisions of the legislation and establish the necessary level of control over the new field of financial transactions. “The use of digital signs (tokens) and cryptocurrencies has become commonplace in many countries of the world. They are accepted as an additional means of payment along with traditional money. In 2017, we were the first in the world to create a legal framework for promoting these technologies in Belarus,” the head of state said.

Since that time Belarus has gained a wealth of experience in this field, the Belarusian leader noted. “As far as I know, no glaring abuse in this area has been allowed,” the president noted. “At the same time, the world has already come up with certain rules aimed at preventing money laundering and financing of terrorism and eliminating prerequisites for various kinds of criminal activity,” he added.

First Deputy Prime Minister Nikolai Snopkov told the media after the meeting  that the government proposed to make the Administration of the Hi-Tech Park a supervisory body for crypto-exchanges and digital tokens. The president supported the government's idea.

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