Sa. Apr 20th, 2024

• Belarus plans to ban peer-to-peer crypto transactions and introduce legislation that requires citizens to use regulated crypto exchanges.
• The country’s Ministry of Internal Affairs (MVD) claims that cybercrime is rampant in the country, with scammers cashing out and converting stolen funds into cryptocurrencies.
• MVD has cracked down on the activities of 27 citizens providing “illegal crypto exchange services” since the beginning of the year, noting that their total income from these illegal activities was around 22 million Rubles ($8.7 million).

Belarus Cracking Down on Crypto Transactions

Belarus plans to ban peer-to-peer crypto transactions and introduce legislation that requires citizens to use regulated crypto exchanges. This move is intended to help combat cybercrimes and make it difficult for criminals to launder their funds. According to the country’s Ministry of Internal Affairs (MVD), cybercrime is rampant in the country, with scammers cashing out and converting stolen funds into cryptocurrencies.

MVD Cracking Down Illegal Crypto Exchange Services

MVD has cracked down on the activities of 27 citizens providing “illegal crypto exchange services” since the beginning of the year, noting that their total income from these illegal activities was around 22 million Rubles ($8.7 million). This is an indication that there needs to be more stringent measures put in place in order to reduce instances of cybercrime in Belarus.

Regulation Measures Aimed at Reducing Cyber Crime

The regulation measures being introduced by Belarus are aimed at reducing instances of cyber crime by making it more difficult for criminals to launder their funds. These measures will also ensure that those providing “illegal crypto exchange services” are held accountable for their actions and face stiff penalties if found guilty. In addition, this will help protect investors from fraud as well as give them a greater sense of security when making investments in cryptocurrencies.

Investor Protection Focus Of New Legislation

The new legislation passed by South Korea recently focused heavily on investor protection when dealing with cryptocurrencies and could serve as a model for other countries looking to implement similar regulations. It included provisions such as requiring exchanges to comply with AML/CFT requirements as well as imposing taxes on certain types of cryptocurrency transactions, which could be implemented in Belarus as well in order to further protect investors from potential risks associated with investing in digital assets.

Conclusion

In conclusion, it is clear that Belarus is taking steps towards protecting its citizens from cybercrime through putting stricter regulations on peer-to-peer cryptocurrency transactions while also allowing them access regulated exchanges for trading digital assets safely and securely. Through setting up these regulations, they can better monitor suspicious activity while also giving investors peace of mind when investing or trading digital currencies online.

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