Belarus Will Require Crypto Exchanges to Provide Client Data


Belarus will require crypto exchanges to provide client data. In order to open a crypto exchange in the High-Tech Park in Belarus, an entity would need to provide information on its management structure. It also should disclose clients’ names and records of communications. 

2 May, AtoZ Markets – Belarussian cryptocurrency related decree has been updated to require particular crypto exchanges to provide customer data to the government.

Belarus Will Require Crypto Exchanges to Provide Client Data

The Decree on the Development of Digital Economy in Belarus is now being revised to include a new requirement for crypto exchanges that are based in Belarussian High-Tech Park (HTP). The requirement would be to provide identifying data on their customers.

As per the local online sources, to open a crypto exchange in the High-Tech Park, an entity should provide information on its management structure. It also should disclose clients’ names and records of communications. The information will be stored for a period of at least five years, according to the reports.

Moreover, in certain cases, the Know-Your-Customer requirements will be applicable to the new customers.

As per the local media reports:

“The beneficiaries must meet the reputation requirements: no criminal record, no bankruptcy proceedings against a person or evidence of bankruptcy. At least $5 million in available funds should be shown in their accounts with the source of the money confirmed.”

Belarus High Tech Park

In addition, the reports note that crypto exchanges should also employ a risk manager and a technical director. In addition, they should have a specialist in regulatory compliance in place. The adoption of current financial standards is also obligatory.

The High-Tech Park is a so-called “Silicon Valley” that provides tax breaks to the entities until January 1, 2023. The decree related to the HTP has been inked on the 23rd March. After it has been signed, the number of HTP participants has increased to 88.

Yet, there is one issue that is present for Belarussian cryptocurrency exchanges. It is that Belarussian banks still do not feature the infrastructure to operate in the cryptocurrency market.

Earlier this March, Belarus has also formally introduced cryptocurrency accounting standards. he document outlines the information in relation to the tokens for account purposes.

Moreover, the Ministry of Finance has laid out the information about how to categorize tokens that are received by organizations. This point excludes the National Bank, Development Bank, non-financial bank institutions, and various banking institutions.

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