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• Belarus is considering banning peer-to-peer crypto transactions in an effort to combat cybercrime.
• The country’s Ministry of Internal Affairs has cracked down on 27 citizens for providing “illegal crypto exchange services” since the beginning of the year.
• Legislation is being developed that would require citizens to use regulated crypto exchanges instead.

Belarus Plans Ban on Peer-to-Peer Crypto Transactions

Belarus said it wants to ban peer-to-peer crypto transactions and introduce legislation that requires citizens to use regulated crypto exchanges in order to combat cybercrimes and make it difficult for criminals to launder their funds.

Cybercrime Crackdown

The Ministry of Internal Affairs (MVD) reported that its cybercrime unit has cracked down on the activities of 27 citizens providing “illegal crypto exchange services” since the beginning of the year, noting that their total income from these illegal activities was around 22 million Rubles ($8.7 million).

Legislative Solutions

In order to prevent further proliferation of these activities, the ministry is working on a legislative solution that would ban peer-to-peer cryptocurrency transactions and require citizens to use regulated exchanges instead.

Purpose of Legislation

The purpose of this legislation is twofold: firstly, it seeks to protect investors by ensuring they are using reputable services; secondly, it will limit criminal activity by making it difficult for them to launder stolen funds through illegal channels.

Impact on Crypto Ecosystem

If passed, this legislation could have a significant impact on the local cryptocurrency ecosystem as well as foreign investments in Belarusian cryptocurrencies. It remains unclear at this point how this will affect existing exchanges operating within Belarus or those planning future operations there.

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