As countries around the world form their positions on cryptocurrency, the Ministry of Internal Affairs (MVD) of Belarus is contemplating a measure that would restrict crypto trading to exchanges only, prohibiting direct transactions between individuals. The proposed bill aims to combat the illicit withdrawal of funds by banning peer-to-peer cryptocurrency exchanges.
A statement from the Deputy Head of the Main Directorate of the Ministry of Internal Affairs revealed that within a span of 6 months, the cybercrime counteraction team of Belarus discovered 27 individuals involved in illegally providing cryptocurrency exchange services.
According to the commentary, the offenders were found to have a total income of approximately 22 million rubles, equivalent to 8.7 million USD.
The head, Alexander Ringevich, explained that individuals in this category use various methods to earn and convert stolen funds, which are then transferred to co-perpetrators or other organizations.
In light of these illegal activities, he stated that “the Ministry of Internal Affairs is currently working on legislative innovations to prohibit cryptocurrency transactions between individuals.”
However, in order to maintain transparency and control, the citizens of the nation will not be completely prohibited from engaging with cryptocurrencies. Instead, they will only be allowed to carry out financial transactions through “HTP exchanges,” he added.
Highlighting the benefits of this new approach, he explained that adopting a procedure similar to exchanging foreign currencies will prevent the withdrawal of funds obtained through criminal means. As a result, internet fraudsters will face significant challenges operating in Belarus.
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