Belarus President Aleksandr Lukashenko urged regulators to finalize long-delayed rules for cryptocurrencies and digital tokens, according to remarks reported by state news agency BelTA on Sept. 5.
BelTA quoted Lukashenko as saying his 2023 instructions to craft comprehensive regulation had yet to produce approved documents. He called for “transparent rules of the game” and new oversight mechanisms, arguing that Belarus needs to keep up with global crypto adoption while safeguarding investors and financial stability.
Citing a report from the State Control Committee, Lukashenko said an inspection of crypto platforms revealed violations in transaction records. He added, according to BelTA, that in about half of the cases funds transferred abroad by Belarusian investors did not return, a situation he described as unacceptable.
While the report did not give details, this likely referred to situations where investors used foreign crypto platforms and were unable to withdraw their money back to Belarus, either because of regulatory gaps, platform failures or capital outflows that were never repatriated.
The president also noted that technology is advancing faster than legislation, creating pressure for new branches of law. He instructed regulators and the Hi-Tech Park — the special economic zone that oversees much of Belarus’ digital economy — to split responsibilities and use their expertise to draft rules that would reassure businesses at home and abroad they could “work calmly in our digital haven.”
Lukashenko’s latest comments come just months after he publicly considered another way to expand Belarus’ role in crypto.
On March 5, CoinDesk reported that he raised the possibility of harnessing the country’s excess electricity for digital asset mining. “Look at this mining. More and more people are turning to me. If it is profitable for us, let’s do it,” he told his newly appointed energy minister, according to BelTA at the time.
Back then, Lukashenko linked the idea to developments in Washington, noting that the White House had floated the concept of a strategic crypto reserve. “You see the path the world is going. And especially the largest economy in the world. They announced yesterday that they will keep [a crypto] reserve,” he said.
Belarus would not be alone in exploring such a path.
Bhutan has quietly built more than 100 megawatts of bitcoin mining capacity, with plans for an additional 500MW. El Salvador, which adopted bitcoin as legal tender, has promoted geothermal-powered mining on a smaller scale. Lukashenko’s remarks suggested Belarus, with its power surplus, might follow a similar route if regulators give the green light.
Belarus was an early mover in the space.
Decree No. 8 “On the Development of the Digital Economy”, signed on Dec. 21, 2017, established a framework for digital assets under the Hi-Tech Park umbrella, drawing foreign blockchain startups.
Hi-Tech Park (HTP) is a special economic zone in Belarus that offers favorable tax and legal conditions to IT companies. The Dec. 21 decree extended this preferential regime until Jan. 1, 2049 and expanded the list of permitted activities for HTP residents.
Alongside software development, residents were granted the right to operate in new fields such as artificial intelligence, autonomous vehicle systems, and esports. The decree also reaffirmed the principle of extraterritoriality, allowing companies registered in HTP to provide digital services to clients worldwide regardless of their physical location.
Furthermore, the decree introduced provisions specific to blockchain and digital assets.
It formally recognized digital tokens in Belarusian law and created a legal basis for their issuance, circulation, and exchange, which had not been regulated before. Activities such as crypto mining and token sales were legalized when conducted by HTP residents.
In addition, the decree offered tax exemptions on digital asset transactions for both companies and individuals operating within HTP, and it recognized the validity of smart contracts. These measures positioned Belarus as one of the earliest jurisdictions to adopt a state-backed framework for cryptocurrencies and blockchain services.
However, the system remains incomplete, and Lukashenko’s latest intervention, reported by BelTA, suggests growing impatience to align the country’s regulatory ambitions with its technological aspirations.