Belarus President Lukashenko Urges Clearer Rules for Crypto

Belarusian President Alexander Lukashenko has urged lawmakers and regulators to establish a clearer and more comprehensive framework for cryptocurrencies, signaling a possible shift in the country’s stance toward digital assets.

Speaking at a government meeting this week, Lukashenko highlighted the growing role of crypto in the global financial system and called for Belarus to avoid falling behind in adopting regulatory measures.

According to Lukashenko, while Belarus legalized cryptocurrency activities in 2018 under its “Decree on the Development of the Digital Economy,” the existing rules have not kept pace with the rapid evolution of the industry. The decree, which initially positioned Belarus as one of the more crypto-friendly nations in Eastern Europe, allowed businesses to operate tax-free on profits from digital assets and encouraged blockchain startups to set up in the country’s High-Tech Park (HTP). However, with the market expanding into decentralized finance (DeFi), tokenized assets, and digital payment systems, the president emphasized that the legal framework must evolve to address new challenges and risks.

“The world is not standing still,” Lukashenko reportedly said during the meeting. “We need clear, transparent, and updated rules so that both our citizens and investors know what is allowed and what is not. Otherwise, we risk being left in the shadows while others move forward.”

His remarks come at a time when global regulators are stepping up efforts to oversee the digital asset sector. The European Union recently advanced its Markets in Crypto-Assets (MiCA) regulation, while countries such as the United States and the United Kingdom are actively debating comprehensive crypto legislation. Neighboring Russia has also introduced tighter oversight of crypto mining and transactions, further pressuring Belarus to keep pace.

Lukashenko’s comments suggest a potential recalibration of Belarus’s earlier hands-off approach. While the 2018 decree was designed to attract tech talent and investment, it left certain areas such as consumer protection, anti-money laundering safeguards, and the regulation of crypto exchanges, largely undefined. Industry observers argue that this lack of clarity has hindered the full development of the sector in Belarus, with many firms choosing to relocate to jurisdictions with more predictable rules.

Market analysts suggest that Belarus could benefit from balancing openness to innovation with stronger safeguards. Clearer guidelines could not only encourage foreign companies to enter the market but also protect local users from fraud, market manipulation, and volatility risks that have become common in the global crypto industry.

For Lukashenko, the push for a clearer crypto framework may also be tied to a broader economic strategy. Facing international sanctions and limited access to global capital markets, Belarus has increasingly looked toward digital finance as a potential avenue for growth and resilience. By creating a more structured regulatory environment, the government could use crypto as an investment magnet and a financial buffer.

While no specific legislative timeline was announced, Lukashenko has instructed relevant ministries and the High-Tech Park administration to submit updated proposals. Industry stakeholders in Belarus are now waiting to see whether the government will lean toward stricter controls, greater incentives, or a mix of both in its upcoming policies.

As digital assets continue to move from the periphery to the mainstream, Belarus’s next steps could determine whether it remains a regional crypto hub or risks losing ground to faster-moving neighbors.