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HTP Administration might oversee crypto-exchanges, digital tokens in Belarus

MINSK, 16 March (BelTA) – The Administration of the Hi-Tech Park might be vested with the functions to oversee crypto-exchanges and digital tokens, Belarus’ First Deputy Prime Minister Nikolai Snopkov told the media after the meeting with the head of state, BelTA has learned.

"The government has 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. I believe that such a decision will be made shortly," Nikolai Snopkov noted. 

Pan-European rules suggest having an appropriate government agency to oversee crypto-platforms. "It is logical that the HTP Administration is the most proficient, with the best expertise in this field," Nikolai Snopkov said.

According to him, the president has set a task to find effective options for using the so-called blockchain. "This is one of the reasons why the Hi-Tech Park might be vested with the supervisory functions,” Nikolai Snopkov noted. “Being well-versed, understanding the movement of digital capital, the mechanisms and ideology of the movement, I am sure that the HTP Administration will come up with ways to harness digital technology to promote the development of the country within the global network of crypto-exchanges and digital tokens."

According to Nikolai Snopkov, there are examples of the use of modern digital financial tokens. For example, BelVEB Bank issues tokens. "Today tokens, digital securities can be issued in a much easier way and in larger amounts. This is already done to boost investment," he said.

Nikolai Snopkov recalled that the IT sector began growing by leaps and bounds following the decree on the HTP. "The document has also laid down the prerequisites for developing crypto-exchanges, crypto-platforms, cryptocurrencies. This has also contributed to the development of the park," the first deputy prime minister said. Now, according to him, export revenues of HTP resident companies are on par with those of Belaruskali, one of Belarus’ most important  exporters. "This achievement is actually due to the decree, which was very timely and, I will not be afraid to say, revolutionary," he stressed.

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