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

The administration of Belarus Hi-Tech Park is the best authority to regulate the crypto market in the country, First Deputy Prime Minister Nikolai Snopkov said.

The Belarusian government has proposed to appoint the Hi-Tech Park Administration as a supervisory authority for local crypto exchanges and digital tokens, First Deputy Prime Minister Nikolai Snopkov announced on March 16. 

“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,” Snopkov said.

According to Snopkov, the government is currently trying to choose an appropriate government agency to supervise local crypto platforms in line with pan-European rules. 

Snopkov said, “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,” Snopkov added.

Belarus HTP is a special tax and legal regime for IT business in Belarus that aims to help grow the technology sector in the country. According to official state records, Belarus HTP is a territory within the Republic of Belarus that is not considered a free or special economic zone but rather a jurisdiction providing some legal benefits and tax exempts to its residents. The HTP Administration is a legal institution responsible for managing the HTP’s activities.

As previously reported by Cointelegraph, Belarus HTP has been actively involved in activities around the crypto industry regulation. In 2018, a committee at the HTP issued a set of rules for the operation of the crypto market in the country, including regulations related to initial coin offerings.

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

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