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High Technologies Park Administration Proposed As A Supervisor For Crypto Exchanges

High Technologies Park administration has been proposed as a supervisor for crypto exchanges by the Belarusian government. The First Deputy Prime Minister said:

The administration of Belarus Hi-Tech Park is the best authority to regulate the crypto market in the country.

The High Technologies Park Administration is likely to be appointed as a regulatory regime for the crypto market. On 16 March, Belarus’ First Deputy Prime Minister, Nikolai Snopkov told the media:

The Administration of the Hi-Tech Park might be vested with the functions to oversee crypto-exchanges and digital tokens.

He further added:

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.

According to Nikolai, the president has laid down a task for finding essential options in operating the blockchain. Based on Pan-European rules suggesting the requirement of a government agency to administer crypto-exchanges, Nikolai said:

It is logical that the HTP Administration is the most proficient, with the best expertise in this field. This is one of the reasons why the Hi-Tech Park might be vested with the supervisory functions. Being well-versed, understanding the movement of digital capital, the mechanisms, and ideology of the movement, 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 tokens.

On the concept of issuing tokens, Snopkov said: .

Today tokens, digital securities can be issued in a much easier way and in larger amounts. This is already done to boost investment.

Belarus HTP is a special tax and legal regime for IT businesses in Belarus contributing to the growth of the technology sector in the country. According to official state records, it is a jurisdiction rather than an economic zone indulged in the provision of legal benefits and tax exemptions to its residents. A legal institution that manages the HTP’s activities.

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