Belarus

{
  "analysis_text": "Belarus has evolved from one of the world\u0027s most open \u0027crypto havens\u0027 into a highly regulated, closed-loop jurisdiction. The regulatory framework is anchored in the 2017 Decree No. 8, which famously legalized cryptocurrency activities and exempted them from taxation to attract tech investment. Under this regime, the High Technology Park (HTP) acts as a special economic zone and regulator, issuing licenses to \u0027crypto platform operators\u0027 (exchanges). For several years, this allowed for a liberal environment where individuals could freely trade.",
  "confidence_level": "High",
  "executive_summary": "Retail cryptocurrency trading is legal in Belarus but strictly confined to a domestic \u0027walled garden\u0027 of licensed platforms. While the landmark Decree No. 8 (2017) legalized crypto assets and provided tax exemptions, subsequent regulations\u2014specifically Decree No. 367 (2023)\u2014have explicitly banned peer-to-peer (P2P) transactions and the use of foreign exchanges for fiat settlements. As of late 2025, the government has actively blocked access to major international exchanges, forcing all retail activity through High Technology Park (HTP) resident companies.",
  "grounding_urls": [
    {
      "resolved_url": "https://www.binance.com/en/square/post/22918469018450",
      "title": "binance.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQF6mgK__rSsQfQUhR3IHHrp_7HZBcw2yCjog9DVef4KIDY7gO_l7u6dR-IANGguGtHcMWbL6MQrM4Puw_NnOBaS165b1EbY70VdA6Es-pBb_8icjDiUarvsY2UKrUGSZn6Y6LrDotVET86D4je8HzFp"
    },
    {
      "resolved_url": "https://spex.by/news/cryptocurrencies-in-belarus-legal-status-and-use",
      "title": "spex.by",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFISm4IQUoM4DugJdseyD5RFyoek8Vimv4ayALJ26BtNDvSBRZZmDRvCji7ksWNDV6yZOPNjXHaQMo0dW7xSQCKVaReLPrO10rBn1WUAidpVJwaeu1YOoYqwWMd5Vxw1_Q6M2NSbpmnkh0FG5mXldoTDNVzgIUgl3_indIRksZvAQ=="
    },
    {
      "resolved_url": "https://www.lightspark.com/knowledge/is-crypto-legal-in-belarus",
      "title": "lightspark.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEWzQcGHWuVwiyh-IBwhVJB0PatotVBQnWjogtmJ0f81mC6NLCgolYPQIgDHlEKbhBaLEILqgkCu12XSllv2Mk3C93mmpRWG5Q1vpS1CqrrKypQeGE-C2o8A3UKr1vMcU5Twcp93wQhSqg2RWkLl3AkLcPrfRwdmAC_Xw=="
    },
    {
      "resolved_url": "https://eor.by/cryptocurrency-regulation/",
      "title": "eor.by",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGJwyn53jP1Q3DShZs-moyagkFx-U-CupSuunZcAjo_5OPFZdKKUY4vrwJNTiZSNxFSr9rcyHl8Xi1ps97svG1qVP8IJmp4PXc5hd7lIlD1hq6j3F96TL8EgogME7e71adK-K61"
    },
    {
      "resolved_url": "https://www.ainvest.com/news/belarus-strategic-crypto-investment-hub-regulatory-evolution-2512/",
      "title": "ainvest.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQESl3gnE6zuC_OtlmPLaAEvQwsPyuPKGbuL8X5zauQNgLokn1RkxdhMyVIpIBxI1fK1NGCqYJzeQ8CL19MjsIpAmQqDdENaK11YMAJz8d8JKCNh4Au1TK3ZzQEEiy6IqxsENIlpXQjtiOkOZQxn0p7TBerjTK2QtyYJvCK5VqHmQq0b2zz9p1xXEaSe7Ebj52exhEhfcNg0fmKM"
    }
  ],
  "status": "Allowed-Regulated",
  "structured_data": {
    "confidence_level": "High",
    "detailed_analysis": "Belarus has evolved from one of the world\u0027s most open \u0027crypto havens\u0027 into a highly regulated, closed-loop jurisdiction. The regulatory framework is anchored in the 2017 Decree No. 8, which famously legalized cryptocurrency activities and exempted them from taxation to attract tech investment. Under this regime, the High Technology Park (HTP) acts as a special economic zone and regulator, issuing licenses to \u0027crypto platform operators\u0027 (exchanges). For several years, this allowed for a liberal environment where individuals could freely trade.",
    "executive_summary": "Retail cryptocurrency trading is legal in Belarus but strictly confined to a domestic \u0027walled garden\u0027 of licensed platforms. While the landmark Decree No. 8 (2017) legalized crypto assets and provided tax exemptions, subsequent regulations\u2014specifically Decree No. 367 (2023)\u2014have explicitly banned peer-to-peer (P2P) transactions and the use of foreign exchanges for fiat settlements. As of late 2025, the government has actively blocked access to major international exchanges, forcing all retail activity through High Technology Park (HTP) resident companies.",
    "important_considerations": [
      "Strict \u0027Walled Garden\u0027: Trading on foreign exchanges (e.g., Binance, Bybit) is prohibited for fiat settlements and websites are actively blocked as of Dec 2025.",
      "P2P Ban: Direct transfers between individuals for the purpose of exchange are illegal; all trades must route through an HTP broker.",
      "Tax Exemption: Income from crypto trading is tax-exempt for individuals until at least January 1, 2025 (with reports of extension through 2025).",
      "Limited Liquidity: Users are restricted to the liquidity and asset pairs available on local HTP exchanges (e.g., Whitebird, Bynex, Free2Ex)."
    ],
    "key_regulatory_pillars": [
      "High Technology Park (HTP) Administration (Primary Regulator)",
      "National Bank of the Republic of Belarus (Oversight of fiat gateways)",
      "Mandatory KYC/AML for all users of HTP-resident exchanges",
      "Prohibition on P2P transactions (individuals must trade via licensed intermediaries)",
      "Ban on using foreign/unlicensed platforms for fiat-to-crypto exchange"
    ],
    "landmark_legislation": [
      {
        "date_enacted": "2017-12-21",
        "identifier": "Decree No. 8",
        "name": "Decree No. 8 \u0027On the Development of the Digital Economy\u0027",
        "summary": "The foundational law that legalized mining, buying, selling, and exchanging tokens for individuals. It established the High Technology Park (HTP) regime and introduced tax exemptions.",
        "url": "https://president.gov.by/en/events/decree-on-digital-economy-development-signed-17715"
      },
      {
        "date_enacted": "2023-09-17",
        "identifier": "Decree No. 367",
        "name": "Decree No. 367 \u0027On the Circulation of Digital Signs (Tokens)\u0027",
        "summary": "Explicitly prohibits individuals from buying or selling cryptocurrency outside of HTP-resident exchanges. This effectively bans P2P trading and the use of foreign platforms for fiat settlement.",
        "url": "https://president.gov.by/ru/events/podpisan-ukaz-ob-obrashchenii-cifrovyh-znakov-tokenov"
      },
      {
        "date_enacted": "2023-02-14",
        "identifier": "Decree No. 80",
        "name": "Decree No. 80 \u0027On Rules for Dealing with Crypto Assets\u0027",
        "summary": "Established measures to combat cybercrime and unauthorized crypto circulation, reinforcing the state\u0027s oversight capabilities.",
        "url": null
      }
    ],
    "notes_and_comments": "The analysis date is December 12, 2025. Recent enforcement actions in late 2025 have significantly tightened the practical landscape, moving from theoretical bans to active website blocking of major international exchanges. Users in Belarus must now strictly adhere to local platforms like Whitebird, Bynex, and Free2Ex.",
    "primary_sources": [
      {
        "date": "2023-09-17",
        "key_quote": "The decree prohibits individuals from purchasing and selling tokens outside of Belarusian crypto-platforms (cryptocurrency exchanges).",
        "source_type": "official_government",
        "title": "Decree of the President of the Republic of Belarus No. 367 \u0027On the circulation of digital signs (tokens)\u0027",
        "url": "https://president.gov.by/ru/events/podpisan-ukaz-ob-obrashchenii-cifrovyh-znakov-tokenov"
      },
      {
        "date": "2017-12-21",
        "key_quote": "Individuals are entitled to possess tokens... mine... exchange tokens... for Belarusian rubles, foreign currency, electronic money.",
        "source_type": "official_government",
        "title": "Decree No. 8 \u0027On the Development of the Digital Economy\u0027",
        "url": "https://president.gov.by/en/events/decree-on-digital-economy-development-signed-17715"
      },
      {
        "date": "2025-12-12",
        "key_quote": "Residents of the High Tech Park... authorized to perform operations with digital signs (tokens).",
        "source_type": "regulator",
        "title": "List of Registered Crypto Platform Operators",
        "url": "https://park.by/en/"
      }
    ],
    "remaining_uncertainties": [
      "The exact duration of the tax exemption extension beyond 2025 (conflicting reports on whether it ends Jan 1, 2025, or extends through the year).",
      "Whether \u0027crypto-to-crypto\u0027 trading on foreign platforms (without fiat touchpoints) is technically pursued/penalized, or if the ban focuses solely on fiat on/off ramps."
    ],
    "secondary_sources": [
      {
        "date": "2025-12-11",
        "key_quote": "President Lukashenko signed a decree prohibiting individuals from buying or selling digital assets through foreign exchanges or brokers.",
        "source_type": "news",
        "title": "Belarus Bans Crypto Trading on Foreign Platforms",
        "url": "https://phemex.com/news/belarus-bans-crypto-trading-foreign-platforms"
      },
      {
        "date": "2025-12-11",
        "key_quote": "The Belarusian Ministry of Information added Bybit, OKX, Bitget... to the national restricted access list on December 9, 2025.",
        "source_type": "news",
        "title": "Belarus Blocks Major Crypto Exchanges",
        "url": "https://bravenewcoin.com/insights/belarus-blocks-major-crypto-exchanges"
      }
    ],
    "status": "Allowed-Regulated"
  }
}