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• Belarus is looking to ban peer-to-peer crypto transactions and require citizens to use regulated exchanges.
• The move is intended to help the country combat cybercrimes and prevent criminals from laundering funds.
• Since the start of the year, the Ministry of Internal Affairs has cracked down on 27 illegal crypto exchange services, with a combined income of 22 million Rubles ($8.7 million).
Belarus Moves Against Crypto Crimes
Belarus is taking steps in an effort to reduce cybercrime within its borders. The Ministry of Internal Affairs (MVD) recently announced plans to ban peer-to-peer crypto transactions and require citizens to use regulated exchanges instead. This move is intended to help the country combat cybercrimes and make it difficult for criminals to launder their funds.
The MVD has been cracking down on illegal activities since the start of the year, with 27 citizens providing “illegal crypto exchange services” being caught by the Cybercrime unit so far. Their total income from these activities was around 22 million Rubles ($8.7 million).
Regulations Aim To Prevent Abuse
The government aims to put restrictions in place that will make it more difficult for criminals to abuse cryptocurrency services in Belarus. With regulated exchanges being required, there would be greater oversight over how digital assets are exchanged within the country’s borders – making it harder for scammers and fraudsters to cash out illegally obtained funds using cryptocurrency networks.
How Will This Affect Citizens?
Understandably, some citizens may be concerned about how this new regulation could affect them when they try to use cryptocurrencies for legitimate purposes or as investments. However, these regulations are designed specifically with criminals in mind – not regular users who are abiding by laws and regulations set forth by their government. As such, any inconvenience caused should be minimal compared to what can be achieved through improved security measures against cybercrime in Belarusian society as a whole.
It remains unclear when exactly these regulations will come into effect or if they will even pass at all – but one thing’s for sure: the government of Belarus is taking steps towards improving security measures against cybercrime within its borders for better protection of its citizens and their assets moving forward.