Belarus to Ban Peer-to-Peer Crypto Transactions to Combat Crime
Belarus is working on legislation to ban peer-to-peer crypto transactions in an effort to combat criminal activities. This move comes as fraudsters are increasingly using P2P crypto services to cash out and convert stolen funds, as well as transfer money for illegal activities.
- P2P crypto services are in high demand among fraudsters
- 27 individuals providing “illegal” crypto exchange services have been stopped since 2023
- Illicit income from these activities amounted to nearly 22 million rubles ($8.4 million)
- The ministry aims to restrict crypto P2P services to transactions via registered exchanges only
- Belarus legalized crypto transactions in 2017
Belarus legalized crypto transactions in 2017 and has since provided additional guidance for token-related activities. However, to prevent further incidents and curb criminal activities, the Ministry of Internal Affairs is now seeking to restrict P2P crypto services, allowing only transactions through registered exchanges.
Hot Take
By banning peer-to-peer crypto transactions, Belarus aims to disrupt the activities of fraudsters and prevent the conversion of stolen funds. While this move may limit the flexibility and convenience of P2P services for legitimate users, it underscores the government’s commitment to combatting crime in the crypto space.
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