Belarus earmarks tech innovation administration for digital currency supervisory role

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The government of Belarus has outlined new proposals for regulating digital currency businesses and assets, which would see the High Technologies Park Administration tasked with the role of supervisory authority.

First Deputy Prime Minister Nikolai Snopkov said a final decision would be made shortly confirming the new powers for the administration, according to local media reports.

“The government has proposed to make the Administration of the Hi-Tech Park a supervisory body for crypto-exchanges and digital tokens. The President supported the government’s idea. I believe that such a decision will be made shortly.”

According to Snopkov, the steps are being taken to appoint an overseeing body in order to stay in line with rules across Europe over the regulation of digital currency and digital asset industries.

“It is logical that the HTP Administration is the most proficient, with the best expertise in this field…I am sure that the HTP Administration will come up with ways to harness digital technology to promote the development of the country within the global network of crypto-exchanges and digital token.”

The High Technologies Park Administration was set up to oversee regulation and innovation in the country’s emerging technology sectors. The administration currently oversees a legally separate jurisdiction within Belarus, known as the High Technologies Park, which allows for specific legal and tax benefits for companies based there.

Belarus HTP has already been heavily involved in developing regulation for the digital currency sector in the country, issuing its first set of rules for governance back in 2018—including measures to regulate initial coin offerings within the country.

Its pending appointment as chief regulator of the digital currency sector in Belarus will effectively concentrate its supervisory role over the emerging digital currency industries within the country, with a view to promoting innovation and encouraging new startups within the sector.

See also: CoinGeek Live panel, Digital Currency & Global Compliance: Tools & Tips for Exchanges, Wallets & Other Service Providers