In a bid to enhance Belarus’ position in the cryptocurrency landscape, President Aleksandr Lukashenko has urged regulators to finalize the long-awaited rules governing cryptocurrencies and digital tokens. In remarks reported by the state news agency BelTA on September 5, 2025, Lukashenko expressed his concern that the instructions he issued in 2023 to establish comprehensive regulations had not yet led to approved documentation.
During his address, Lukashenko emphasized the need for “transparent rules of the game” and new oversight mechanisms, asserting that Belarus must keep pace with the global adoption of cryptocurrencies while simultaneously safeguarding investors and ensuring financial stability. A report from the State Control Committee indicated that inspections of crypto platforms uncovered violations related to transaction records. Notably, Lukashenko pointed out that in approximately half of the cases, funds sent abroad by Belarusian investors failed to return, a situation he described as unacceptable.
While specific details were not provided, this situation likely pertains to instances where investors utilized foreign crypto platforms and faced difficulties in repatriating their funds back to Belarus. Such challenges may stem from regulatory gaps, platform failures, or the inability to transfer capital back to the country. Lukashenko also highlighted the rapid advancement of technology outpacing legislation, which has created a pressing demand for new legal frameworks.
To address these issues, he instructed regulators and the Hi-Tech Park—a special economic zone that oversees much of Belarus’ digital economy—to delineate responsibilities and leverage their expertise in drafting regulations that would reassure both domestic and foreign businesses. This call to action aims to foster a conducive environment for enterprises wishing to operate within Belarus’ digital domain.
Lukashenko’s recent comments come shortly after he expressed interest in enhancing Belarus’ role in the cryptocurrency sector. On March 5, 2025, he suggested the possibility of utilizing the country’s excess electricity for digital asset mining, stating, “Look at this mining. More and more people are turning to me. If it is profitable for us, let’s do it.” He linked this initiative to developments in Washington, where proposals for a strategic crypto reserve had been mentioned.
Belarus is not alone in exploring this avenue; countries like Bhutan and El Salvador have already made strides in this area. Bhutan has established over 100 megawatts of bitcoin mining capacity, with plans for an additional 500 megawatts, while El Salvador has promoted geothermal-powered mining. Lukashenko’s remarks suggest that, with regulatory approval, Belarus could pursue similar opportunities given its surplus of energy resources.
Belarus has previously established itself as a pioneer in the digital economy. The introduction of Decree No. 8 “On the Development of the Digital Economy” on December 21, 2017, set a framework for digital assets under the Hi-Tech Park umbrella, attracting foreign blockchain startups. This decree extended favorable tax and legal conditions for IT companies until January 1, 2049, and broadened the operational scope for HTP residents to include fields such as artificial intelligence and esports.
Moreover, the decree recognized digital tokens within Belarusian law, providing a legal basis for their issuance, circulation, and exchange. It also legalized activities such as crypto mining and token sales for HTP residents, alongside offering tax exemptions on digital asset transactions. These measures positioned Belarus as one of the first jurisdictions to adopt a government-backed framework for cryptocurrencies and blockchain services.
Despite these advancements, the regulatory framework remains incomplete. Lukashenko’s latest statements reflect a growing urgency to align Belarus’ regulatory ambitions with its technological advancements, ensuring that the country can effectively integrate into the evolving global cryptocurrency landscape.
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