Implementing a recently signed presidential decree, the government of Belarus has introduced a procedure allowing the state to seize digital currency holdings. The move will grant law enforcement authorities in Minsk powers to seize crypto assets linked to illegal activities.
The Ministry of Justice of Belarus has established a legal procedure for the seizure of cryptocurrency funds as part of enforcement proceedings, the crypto news outlet Forklog reported, quoting an announcement released by the department.
Authorities conducting the criminal process will account for the seized or forfeited crypto funds, the justice ministry detailed. Its document dated April 14 also covers the foreclosure of digital assets as part of confiscations of debtors’ property and regulates their valuation.
The government in Minsk had three months to take the necessary steps to implement Lukashenko’s latest crypto-related order after which it will enter into force.
The former Soviet republic, a close ally of Russia, does not allow the use of cryptocurrencies in payments. Nevertheless, Belarus ranks third in the region in terms of crypto adoption, according to the Crypto Adoption Index produced by blockchain analytics firm Chainalysis, largely due to strong peer-to-peer activity.
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