Belarus is cracking down on peer-to-peer crypto transactions to curb fraud. The government is taking steps to make peer-to-peer crypto transactions illegal.
To improve transparency and control of cryptocurrency transactions, the government of Belarus is urging citizens to use exchanges registered with Hi-Tech Park (HTP).
HTP, a crypto regulatory sandbox, is a thriving ecosystem with over 1,000 companies from over 40 fields of business. It serves as a center for companies striving to develop in the technology industry from all around the world.
Belarus is cracking down on cryptocurrency scammers by making it more difficult for them to withdraw money that they have obtained unlawfully.
The MVD in Belarus is cracking down on illegal crypto exchange services, with 27 people arrested and a total of 22 million Rubles ($8.7 million) in assets seized.
The MVD in Belarus is warning people who offer unauthorized crypto exchange services that they will be discovered.
The Ministry is working on new legislation to prohibit peer-to-peer cryptocurrency transactions to prevent fraud.
The new law would force Belarusians to use only regulated exchanges registered with the Hi-Tech Park (HTP) for their crypto transactions.
Peer-to-peer transactions have increased in nations that have banned cryptocurrency transactions. Nigeria is a prime example, as its P2P trading volume surged to new highs after the Central Bank banned commercial banks from providing services for crypto-related transactions.
Belarus’s plan to ban peer-to-peer cryptocurrency transactions may be difficult to enforce, as cryptocurrencies are traded online and can be transferred anonymously.