The Government considered the development of the Belarusian crypto sector

The Government held a meeting of the Supervisory Board of the High Technologies Park headed by Prime Minister Alexander Turchin. The agenda of the event is the development of the Belarusian crypto sector, the correspondent of sb.by reports.

- We are holding a regular meeting of the Supervisory Board of the High Technologies Park, where we will consider the further development of the Belarusian crypto sector. For more than six months, active normative work was carried out in order to implement the Decree of the Head of State on the activities of cryptobanks, which entered into force in July this year. A number of resolutions of the Government, legal acts of the National Bank and the Supervisory Board of the High Technologies Park were adopted, the necessary organizational measures were implemented to implement the ideas laid down in the Decree of the Head of State. And today, the result of all the work done was the prepared decisions on registration in the park of the first two cryptobanks in the national history.

In turn, Anna Ryabova, Head of the Secretariat of the Supervisory Board of the High Technologies Park, told reporters that HTP representatives actively worked with the National Bank to create a regulatory framework for the emergence of two residents, which will soon become cryptobanks:

- For more than six months, we worked together with the National Bank. The HTP Supervisory Board made appropriate decisions in order to normatively fully formalize this. And now there are 2 residents-cryptobank, which are starting their movement. First, they will be HTP residents, and then they will undergo appropriate accreditation on the side of the National Bank to be included in the register of cryptobanks.

First Deputy Head of the Secretariat of the Supervisory Board of the High Technologies Park Dmitry Kalechits said that after the adoption of the Presidential Decree, all the main aspects of the activities of cryptobanks were regulated: requirements for them, operations carried out, accounting, reporting.

- This will bring together traditional finance and crypto. A lot of work has been done by organizations that have declared themselves willing to become cryptobanks: professional teams, IT architecture have been formed, technical and legal audits have been passed.

He noted that two new HTP residents are well-known players in the crypto market:

- They have quite good practical experience in the crypto sphere. It is also important to note that they will be subject to double regulation, which will be applied by the park and the National Bank. This will form a favorable impact on improving the ecosystem of financial flows, increasing the technological efficiency of this business, confidence in financial institutions, as well as contributing to the inflow of investment and income growth in our country.

The barriers that exist between the traditional financial business and the crypto business will decrease. We see that the world is gradually integrating various segments of the financial market, including crypto tools into the work of classical financial intermediaries. All this should serve to improve the efficiency of the functioning of financial markets, diversification of various financial instruments. This will enhance savings protection and expand the variety of financial transactions that financial service users can receive. Photo by Belt