The Central Bank of Belarus will allow banks to issue crypto tokens

The Belarusian financial regulator plans to carry out transactions with tokens. According to the plan, financialThe country's institutions will be able to issue utility tokens by conducting their initial offer to raise funds in national and foreign currencies.

Banks can purchase tokens of third parties, including cryptocurrency platform operators, and from other banks.

“Receiving cryptocurrencies by banks is not allowed”, - indicated in the text.

All operations specified in the project, banks will be able toto carry out through mediation with the High-Tech Park, in whose territory there is a special legal regime. Major exchanges include Free2ex, Currency and Exchange, as well as Finstore's investment platform.

Residents of the Park take full responsibility for the implementation of laws and the proper identification of token holders.

The National Bank is likely to establish rules for conducting token operations by banks in order to have control over processes with digital assets within the country.

We have already determined the list of banks that will take part in the initiative:

• Belarusian People's Bank
• Belarusbank
• BPS-Sberbank
• Belagroprombank
• BelVEB Bank
• Bank Dabrabyt
• Parity bank
• Decision Bank
• Belgazprombank
• RRB-Bank
• BTA Bank
• BSB Bank

In order to avoid risks, the amount of funds provided and attracted when issuing tokens was limited to 10% of the bank’s regulatory capital.

The experiment was planned for the period from January 1, 2021 to January 1, 2024.

“Belarus is gradually creating regulation to create a full-fledged modern financial center”, - Victor Prokopenya, founder of VP Capital.

Recall that since 2018, the Decree on the development of the digital economy in Belarus has been in force.

</p>

Rate this publication