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Belarus tech innovation zone may take on regulatory role for crypto business

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The Belarusian authorities has proposed to nominate the Excessive Applied sciences Park Administration as a supervisory authority for native crypto exchanges and digital tokens, First Deputy Prime Minister Nikolai Snopkov introduced on Tuesday. 

“The government has proposed to make the Administration of the Hi-Tech Park a supervisory body for crypto-exchanges and digital tokens. The President supported the government’s idea. I believe that such a decision will be made shortly,” Snopkov stated.

In accordance with Snopkov, the federal government is presently attempting to decide on an applicable authorities company to oversee native crypto platforms consistent with pan-European guidelines. 

Snopkov stated, “It is logical that the HTP Administration is the most proficient, with the best expertise in this field.”

“I am sure that the HTP Administration will come up with ways to harness digital technology to promote the development of the country within the global network of crypto-exchanges and digital token,” Snopkov added.

Belarus HTP is a particular tax and authorized regime for IT companies in Belarus that goals to assist develop the expertise sector within the nation. In accordance with official state data, Belarus HTP is a territory inside Belarus that isn’t thought of a free or particular financial zone however reasonably a jurisdiction offering some authorized advantages and tax exemptions to its residents. The HTP Administration is a authorized establishment accountable for managing the HTP’s actions.

As beforehand reported by Cointelegraph, Belarus HTP has been actively concerned in actions round crypto trade regulation. In 2018, a committee of the HTP issued a algorithm for the operation of the crypto market within the nation, together with rules associated to preliminary coin choices.

The HTP didn’t instantly reply to Cointelegraph’s request for remark.

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