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Belarus tech innovation zone may take on the regulatory role for crypto business

Nikolai Snopkov, First Deputy Prime Minister, said that the administration of Belarus Hi-Tech Park is the best authority to regulate the crypto market in the country.

First Deputy Prime Minister Nikolai Snopkov announced on Tuesday that the Belarusian government has proposed to appoint the High Technologies Park Administration as a supervisory authority for local crypto exchanges and digital tokens.

Snopkov stated:

“The government has proposed to make the Administration of the Hi-Tech Park a supervisory body for crypto-exchanges and digital tokens. The President supported the government’s idea. I believe that such a decision will be made shortly.”

According to Snopkov, the government is currently trying to choose a suitable government agency to supervise local crypto platforms in line with pan-European rules.

“It is logical that the HTP Administration is the most proficient, with the best expertise in this field,” Snopkov said.

Snopkov also added:

“I am sure that the HTP Administration will come up with ways to harness digital technology to promote the development of the country within the global network of crypto-exchanges and digital token.”

According to Cointelegraph, Belarus HTP is a special tax and legal regime for IT businesses in Belarus that plans to help grow the technology sector in the country. Belarus HTP is a territory within Belarus that is not considered a free or special economic zone but rather a jurisdiction providing some legal benefits and tax exemptions to its residents, according to official state records. The HTP Administration is a legal institution responsible for managing the HTP’s activities.

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