A crypto-related decree in Belarus will be updated to require certain crypto exchanges to provide customer data to authorities, local news outlet Forklog reports today, May 1.Belarus' Decree on the Development of Digital Economy is being revised to include a requirement for crypto exchanges based in the country's High-Tech Park to provide identifying data on their customers.
According to sources at RIA Novosti, cited by Forklog, in order to open a crypto exchange in the HTP, a company must provide information on its management structure, clients' names and records of communications.
The data will reportedly be stored for at least five years, and in some cases KYC requirements will be applied to new customers, the publication reports.
Forklog notes that crypto exchanges must also employ a risk manager, a specialist in regulatory compliance, and a technical director, as well as adopt current financial standards.
Forklog reported that it is unclear when these revisions will be implemented.
HTP, Belarus's "Silicon Valley"-like tech park, offers tax breaks to participating companies until January 1, 2023, as per the March 23 signing of the Decree of Digital Economy.
After the decree was signed, the number of HTP residents jumped to 88 - an increase of 25 percent.
One current problem with operating a cryptocurrency exchange in Belarus is that Belarusian banks don't yet have the infrastructure to engage in crypto transactions, as CT reported last month.
At the end of March, Belarus also officially introduced cryptocurrency accounting standards.
This announcement falls in line with Belarusian President Alexander Lukashenko signing the Decree on the Development of Digital Economy last December, which supports blockchain and cryptocurrency development.
Belarus: Some Crypto Exchanges Will Be Required To Hand Over Customer Data, Report Says
Published on May 1, 2018
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.