Belarus tech innovation zone may take on regulatory role for crypto business

The Belarusian government has proposed to designate the administration of the high-tech park as a supervisory body for local cryptocurrencies and digital tokens. This was stated by First Deputy Prime Minister Nikolai Snopkov on 16. March.

The government has proposed to make the High Tech Park Authority a regulator for cryptocurrencies and digital tokens. The president supported the administration’s idea. I think such a decision will be made soon, Snopkov said.

According to Snopkov, the government is currently trying to select an appropriate government agency to oversee local cryptocurrency platforms in accordance with pan-European rules.

Snopkov said: It makes sense that the HTP administration is the most professional, with the best experience in the field.

I am confident that the HTP government will find ways to use digital technology to develop the country as part of a global network of cryptocurrencies and digital tokens, Snopkov added.

The Belarus HTP is a special tax and legal system for IT companies in Belarus, designed to promote the development of the country’s technology sector. According to official state documents, HTP is a zone of the Republic of Belarus that is not considered a free or special economic zone, but a zone that provides its residents with certain legal benefits and tax exemptions. The HTP Board is the statutory body responsible for the management of HTP activities.

As Montelegraf has previously reported, the Belarusian HTP is actively involved in activities related to the regulation of the cryptographic industry. In 2018, the HTP Committee issued a set of rules for the operation of the cryptocurrency market in the country, including rules for Initial Coin Offerings.

HTP did not immediately respond to Cointelegraph’s request for comment.

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