The National Bank of Belarus, with the assistance of the FATF, approved the rules for regulating the cryptoindustry

The administration of the High Technology Park (HTP) of Belarus has developed rules for regulating the cryptoindustry in the country. Now all residents of the HTP must meet the standards agreed with the National Bank of the country. The document is published on the HTP website .

“In essence, this is a specification of the norms of Decree No. 8 “ On the Development of the Digital Economy ”. We approached this very seriously in view of the decisions of FATF. We also coordinated all our actions with the National Bank and state control and carefully studied international practices in these areas, ”told HTT press secretary Dmitry Titov to BlockchainJournal.

According to the new requirements, cryptoplatform operators must conduct mandatory customer identification (KYC) in order to comply with AML / CFT rules and provide reports on funds in each customer’s accounts. The authorized capital of cryptocurrency platforms must be at least 2 million Belarusian rubles, for ICO operators this amount is equal to 500 thousand.

The standards set out the qualification requirements for issuers of tokens. In addition, the document defines the general regulations to which HTP residents must comply. It includes requirements for personnel, beneficiaries, financial sustainability, cyber security, personal data protection and customer relations.

At least once a year, residents should be audited by one of the Big Four companies – Deloitte Touche Tohmatsu, PricewaterhouseCoopers, Ernst & Young, KPMG – for compliance with their requirements.

“Having studied the experience of cryptoprogressive countries, the Belarusian regulator has united it and created a single crypto-ecosystem, having built legal connections between the classical and digital economies. In fact, this is the first attempt in the world of full-fledged comprehensive regulation of the cryptoindustry, ”says the HTP document.

It should be noted that after the adoption of Decree No. 8, almost 200 companies were registered in the HTP. Now there are 388 residents in the HTP.

Earlier, BlockchainJournal published material on how the adoption of resonant decree No. 8 affected the work of the Belarusian blockchain and cryptostates.

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