President of Belarus Warns Against Fraudulent Activities with "Crypto"

Belarusian President Alexander Lukashenko, during a meeting on the development of the digital asset sector, emphasized the inadmissibility of manipulations with cryptocurrencies, reports BELTA.

One of the tasks set by the head of state during the meeting was to outline key, fundamental points in the new legal regulation that would allow honest business entities from Belarus and foreign investors to continue working peacefully in our digital haven.

"As reported by the State Control Committee, the results of an unscheduled inspection of crypto platform operators indicate the need for more refined regulation of such activities. Violations were found in the registration of financial operations. Why were these processes violated? Why was it necessary to violate them? What is the reason?" – Lukashenko asked.

He stressed that half of the Belarusian investors' funds transferred abroad are not returned, which is unacceptable.

Proposal to Create a Crypto Bank in Belarus

At the same time, when discussing legal regulation of this sphere, the priority is to protect not only the interests of the state but also every citizen. The president emphasized the need to control organizations working with cryptocurrencies in Belarus, including to prevent situations where Belarusians are deceived. The management of the crypto exchange created in the High Technologies Park is responsible for this sector.

"If they don’t comply – go to jail. Not just sit in a meeting with the president, but go to jail. Then everything will be fine. Because I am flooded with documents today. Some are against, others are for, and so on. It’s frightening to read these documents: 'If we don’t make a decision today, we’ll collapse tomorrow. No potatoes, no grain, nothing.' That’s what I’m being told," – stated the head of state.

As an example of citizens harmed by investments in tokens, Chairman of the State Control Committee Vasily Gerasimov cited a criminal case initiated by the Prosecutor General’s Office. According to him, a company organized by citizens of Kazakhstan issued 16 tokens, but only paid four of them to citizens; the rest were transferred abroad. Around 1,600 Belarusians suffered from these actions.

"And 1,600 people suffered who wanted to profit from this, of course, a risky market," – noted Presidential Administration head Dmitry Krutoy.

Lukashenko Orders to Define "Transparent Rules" in the Cryptocurrency Sector

Vasily Gerasimov also cited another example: of six organizations that issued tokens, three simply "collapsed."

" Someone has to be held accountable for this. We have created a crypto exchange in the High-Tech Park. Is there a responsible manager for this? Yes. Where is he? At large. Well, I am speaking roughly. Maybe they should not be kept in prison, maybe they should be "hung", maybe "shot". I am saying this publicly. Where have you been until now, why haven't you held them accountable? Why should the Prosecutor General and our special services or the Ministry of Internal Affairs look for someone, spend money?!" - asked Alexander Lukashenko.

"In general, the outstanding debts by now are $14 million," Vasily Gerasimov said.

"This entire crypto exchange... You know what to do with it until the money is returned. We have such a practice. I warn you right away: things will not go like this. This applies not only to this exchange and banks," the head of state warned