Belarus Seizes Millions in Cryptocurrency

Belarus seizes millions in cryptocurrency, a recent interview with the director of Belarus’ Investigative Committee showed that the country’s authorities. They had perfected the process of seizing cryptocurrencies like bitcoin and ether. A high-ranking official in the state’s law enforcement agency alleges. That also the state has already seized cryptocurrency assets worth millions of dollars.

The director of Belarus’ investigative committee, Dmitry Gora. Has informed the highest-ranking officials in the country that they are struggling. To figure out how to take possession of cryptocurrency. First, the digital assets were put to use in illegal drug trade, and then later, in illegal financial activity. Gora claims that the authorities need to find a way to seize digital assets. But he does not specify how this should be done. In addition to this. They have managed to seize cryptocurrency with a value of several hundreds of millions of Belarusian rubles.

By means of a presidential decree issued in May 2018, Belarus, which is a close ally of Russia. Approved a wide variety of crypto-related operations. The expansion of the digital economy throughout the nation intended to be the result. The document provided crypto business owners at Minsk’s Hello-Tech Park. With tax breaks and other forms of financial support in the form of incentives (HTP).

Allegedly, companies help Belarus seize crypto

According to Dmitry Gora, the chairman of Belarus’s Investigative Committee. Who gave an interview to the state-operated ONT channel. The country had to face the difficulty of how to take cryptocurrencies. When they initially employed in the drug trade and later when they were used in economic crimes. He further stated that law enforcement agencies needed to devise a method. To capture such digital assets and that they have previously seized cryptocurrency. With a value of hundreds of millions of Belarusian rubles (millions of U.S. dollars).

By means of a presidential decree that entered into force in May 2018, the former Soviet republic. Which is a reliable ally of Russia, made a number of crypto-related operations lawful. As part of the initiative to expand the capabilities of the country’s digital economy. The agreement included provisions for tax exemptions and other forms of financial support. For cryptocurrency companies also located in Minsk’s Hi-Tech Park (HTP).

In March 2021, Alexander Lukashenko, the President of Belarus. They made a remark in which he alluded to a potential tightening of the country’s crypto rules. And cited China as an example. Nevertheless, representatives from HTP later stated that Belarusian authorities. Had no intention of adopting more stringent regulations for the industry. In addition, the Ministry of Finance has suggested revisions that would make it possible. For investment funds to purchase digital assets.

Ministry of Justice Adopted a Legal Procedure

As of April of this year, the Ministry of Justice implemented a new legislative procedure. That makes it possible to seize cryptocurrency funds as part of an enforcement proceeding. Another directive issued by Lukashenko in February. Which mandated the construction of a special register for crypto wallets used for illegal purposes. It is being put into effect as a result of this law.

Dmitry Gora continued by quoting several of his “advanced subordinates.” Who said that cryptocurrencies were nothing more than “digital rubbish.” “On the basis of this, I have a task for you: our state requires money to compensate. For the damage that inflicted. Let’s brainstorm ways in which we can generate money off of garbage. I won’t get into the specifics, but suffice it to say that we now know how to accomplish it… ‘He explained, ‘There are systems that allow us to deal with these challenges, and they allow us to do so pretty well.”

The official from the law enforcement agency mentioned also that groups from the private sector. In addition to those from the government are participating in the process. Gora explained that as a consequence of this, “the amounts that are already in the shape of good. Regular money are on the accounts of the Investigative Committee.”

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