Belarus is set to introduce legislation prohibiting peer-to-peer (P2P) cryptocurrency transactions in an effort to tackle fraudulent activities, according to an announcement by the Ministry of Internal Affairs on Sunday.
The new regulations will restrict citizens of the Eastern European country to conducting crypto transactions solely through exchanges located within the Belarus Hi-Tech Park (HTP), with the aim of promoting transparency and control.
The ministry revealed that it has identified 27 individuals involved in illegal crypto exchange services, which are often exploited by fraudsters to access the proceeds of their illicit activities.
By implementing a procedure similar to the one used for exchanging foreign currencies, Belarus intends to create a system that makes it impossible to withdraw money acquired through criminal means.
The ministry believes that these measures will make operating within the country unprofitable for IT fraudsters.
The move reflects Belarus’s commitment to enhancing security and clamping down on fraudulent practices within its crypto ecosystem.
By enforcing stricter regulations on P2P transactions and channeling cryptocurrency activities through authorized exchanges, the government hopes to curb fraud and maintain a more controlled environment for digital asset transactions.
