Belarus aims to ban peer-to-peer crypto transactions to fight fraud.

Belarus plans to issue legislation banning peer-to-peer (P2P) crypto transactions to reduce fraud, the Ministry of Internal Affairs said in a Sunday Telegram post.

Citizens of the East European country will only be allowed to conduct crypto transactions through exchanges based in the Belarus Hi-Tech Park (HTP) “for the sake of transparency and control.”

The ministry has identified 27 individuals who provide illegal crypto exchange services, which are used by fraudsters to obtain the proceeds of their activities.

“The introduction of a practice similar to the procedure for exchanging foreign currencies will prevent the withdrawal of money obtained through criminal means. In such conditions, it will simply be unprofitable for IT fraudsters to operate in Belarus,” the statement read.

• UK Law Commission recommends creating a separate legal category for cryptocurrencies.
• Thai SEC bans use of customer crypto assets for lending and investment.
• MAS orders crypto firms in Singapore to keep customer assets in trust by year-end.

blockchain called the Belarus Ministry of Internal Affairs but did not receive a response.

Edited by Sheldon Reback.

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