Belarus moves to ban peer-to-peer crypto transactions

Despite being crypto-friendly since 2018, Belarus plans to crack down on some crypto transactions

article-image

Novikov Aleksey/Shutterstock modified by Blockworks

share

Belarus is moving to ban peer-to-peer crypto transactions in an effort to reduce alleged fraud. 

The government is working on the legislation needed to formally make the transactions illegal.

Citizens will instead have to turn to crypto exchanges registered with Hi-Tech Park (HTP) to make transactions “for transparency and control,” according to a social media post from Alexander Ringevish of the Ministry of Internal Affairs.

HTP is a “regulatory sandbox” for crypto, according to HTP’s website. It boasts over 1,000 companies from over 40 fields of business. 

Belarus hopes to make it “unprofitable for fraudsters” to “withdraw money obtained by criminal means.”

The post from the Belarusian government claims that 27 individuals have provided “illegal services” in exchange for crypto since the beginning of 2023, for a total of 22 million rubles (over $8.7 million).

Earlier this year, according to a Telegram post from the Ministry of Taxes and Duties of Belarus, a Belarusian citizen was fined 2.7 million rubles ($1 million) after organizing the “illegal exchange of cryptocurrencies.”

Belarus passed its first digital assets law governing crypto back in 2018, which legalized crypto transactions. 

In 2022, President Alexander Lukashenko signed a law allowing a formation from HTP to create a register of addresses of wallets used in illegal activity to “protect participants in the digital asset market from the loss of property and prevent unintentional involvement in activities prohibited by law.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

    Decoding crypto and the markets. Daily, with Byron Gilliam.

    Upcoming Events

    Javits Center North | 445 11th Ave

    Tues - Thurs, March 24 - 26, 2026

    Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

    recent research

    allora-image.png

    Research

    Decentralized AI coordination networks solve crypto's growing architectural mismatch: applications built on trustless infrastructure shouldn't depend on centralized intelligence providers. By turning model outputs into competitive marketplaces, protocols like Allora are building the permissionless intelligence layer that AI-powered DeFi and autonomous agents require.

    article-image

    For new growth, crypto may need to shed tired norms like over-raising and the hoarding of investment resources

    article-image

    Ethereum rolls out Fusaka, setting the stage for a stronger blob fee market and renewed deflationary potential

    article-image

    Futuristic DeFi is stuck inside the computer. An old idea might be its escape hatch

    article-image

    Money market indicators are flashing liquidity stress again as crypto underperforms equities

    article-image

    From passageways to penumbras: a history of private life

    article-image

    BTC’s Asia-session move and Ethena’s weaker yields reflect a market adjusting to tighter yen funding and softer derivatives carry