The Republic of Belarus is located in Eastern Europe. Minsk, its capital, is the largest city in the nation and home to 2 million people. The Hi-Tech Park Belarus, a government initiative, was created to promote a favorable business environment for the software industry.
After more than a year in the making, the Belarusian government and the Hi-Tech Park Belarus released “Regulations on token-related activities“ to create a complete regulatory framework for cryptocurrencies and companies operating in the crypto space. The regulations were created by Belarusian lawmakers and the Hi-Tech Park Belarus, along with the help of international experts in areas such as blockchain technology and accounting.
ChainBytes, a company at the forefront of cryptocurrency and blockchain technology, installed the first Bitcoin ATM in the eastern European nation. The kiosk was the first one to successfully process a Bitcoin transaction using the Belarusian ruble, the country’s official currency.
Watch the First Bitcoin ATM Transaction Using the Belarusian Ruble:
Belarus is considered the “Silicon Valley” of Eastern Europe and it is now one of the firsts countries in the world to implement cryptocurrency regulations. Furthermore, the country expects to become a leader in cryptocurrency related activities and blockchain technology. What differentiates the Belarusian regulations from existing legislations around the world is that they were created taking into consideration the unique traits of cryptocurrencies and the blockchain technology. The country considered what old regulations could not be applied to the new disruptive technology associated with the crypto ecosystem.