Belarus To Restrict P2P Cryptocurrency Exchanges
The Belarusian Ministry of Foreign Affairs, according to Cointelegraph, is working on legal changes. Peer-to-peer (P2P) transactions in cryptocurrencies such as Bitcoin are expected to be restricted.
According to sources, Belarus has had a high prevalence of cybercrime since January 2023, and local authorities have arrested 27 persons for providing “illegal crypto exchange services.” According to Cointelegraph, their total unlawful revenue is estimated to be around 22 million Belarusian rubles.
According to reports, “the MFA is working on legislative innovations prohibiting cryptocurrency exchange transactions between individuals” in order to avoid such illicit activity. Citizens will be permitted to execute such financial transactions exclusively through the HTP exchanges for transparency and oversight,” Cointelegraph reported.
Furthermore, the Belarusian ministry also mentioned that it plans to include a practice inspired by the procedure for exchanging foreign currencies, making it “impossible to withdraw money obtained from illegal activity,” Cointelegraph concluded.
(With inputs from Shikha Singh)
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