Crypto Exchanges in Belarus: a Brief Overview

Thanks to the creation of a regulatory framework that promotes innovation and provides a well-organized basis for the developing digital economy, Belarus stands out as a unique player in the rapidly developing cryptocurrency market. In accordance with Decree No. 8 (published on December 21, 2017 under the heading “On the development of the digital economy”), Belarus is creating a regulatory framework:

  • The Hi-Tech Park has a unique legal framework that will be in effect until January 1, 2049, and provides resident companies with benefits such as a contribution of 1% of gross revenue.
  • The conclusion of contracts is simplified for HTP residents due to the integration of international legal practice, including English law.
  • Tax benefits are available to resident companies, such as an income tax rate of 13%, a 1% contribution and no profit tax.
  • Foreign organizations providing assistance to HTP enterprises are entitled to income tax and VAT benefits, which contributes to the active promotion of IT companies to the foreign market.
  • HTP residents are allowed to have accounts with foreign banks, and simplified currency transactions are provided to them, while transactions with electronic money are no longer restricted.
  • The 180-day visa-free regime of Belarus and the abolition of mandatory employment permits have made the country a desirable center for foreign experts.
  • Individual Crypto Rights: While legal entities can produce and distribute their own tokens, every Belarusian has the freedom to mine, buy, sell, exchange and inherit cryptocurrency assets.
  • Regulated cryptocurrency exchanges in Belarus maintain the stability of the industry within this regulatory framework.

Popular cryptocurrency exchanges in Belarus include:

  1., a pioneer in the country’s stock market, which complies with international rules and allows trading in cryptocurrencies and tokenized assets.
  2. Free2ex: Founded in 2020, Free2ex functions as a regulated exchange in Belarus with 78 cryptocurrencies and easy ways to deposit and withdraw funds. Since the cryptocurrency exchange has an insurance fund, users can trust it.
  3. Bynex: Bynex Exchange was founded in 2021 and offers low trading commissions of 0.25% to both individuals and legal entities.
  4. IEX (iExchange): The IEX exchange offers a comprehensive experience with cryptocurrencies, combining the exchange platform, wallet and internal transfers as part of the re-registration starting in June 2021.

Advantages of cryptocurrency exchanges based in Belarus:

  1. Exceptional safety and reliability.
  2. The possibility of replenishment from a card or account.
  3. An insurance fund that provides payments in the event of cyber attacks and other circumstances.

Negative aspects:

  1. Lack of privacy

Foreign exchanges operating on the territory of Belarus:

  1. Binance: Offering 355 cryptocurrencies and a wide range of functions for interacting with them, Binance has been available to Belarusians since 2022.
  2. Exmo: Thanks to its cashback, over-the-counter and spot markets, it is especially popular in the post-Soviet space. It works with various fiat currencies and account replenishment methods (cards, bank transfers, Qiwi, Payeer, AdvCash).
  3. Payeer Exchange: Founded in 2019, Payeer Exchange is connected to a reputable payment service provider and provides ease of use, affordability and lower fees than competitors.
  4. Kucoin: Kucoin helps traders of all skill levels and provides access to markets, assets, news, derivatives and passive earnings. The user-friendly interface and access to more than 700 cryptocurrencies further increase its attractiveness.
  5. OKX: Available to users from all over the world, with optional verification. It can be a good choice for active traders who want to buy and sell with low fees.

Other ways to make cryptocurrency transactions

Learn strategies that go beyond the usual interactions:

  1. Decentralized exchanges: The participation of third parties is not required for decentralized transactions on platforms such as Uniswap, Biswap and PancakeSwap.
  2. Cryptocurrency exchanges: ProstoCash, Matbea and ExchangeKey offer alternative ways to buy and dispose of virtual currencies.
  3. P2P exchanges: Available separately on Bitzlato and on the platforms mentioned above.
  4. Transactions using Telegram Bots: To increase the convenience of transactions, use simple and understandable Telegram bots, such as @btc_change_bot or @Baksman_wallet_bot.
  5. Payment Systems: Use cryptocurrencies by integrating traditional and digital finance through payment systems such as AdvCash, Payeer and Capitalist.
  6. Transactions with cryptocurrency wallets: To ensure the simplicity and availability of cryptocurrency transactions, use cryptocurrency wallets for direct purchases of services and exchanges.

Thus, Belarus is a notable player in the global cryptocurrency arena, as it has a well-thought-out regulatory framework that encourages growth and innovation. The security and convenience of users are enhanced by the existence of regulated local exchanges, and Belarus is positioned as a reliable development center for cryptocurrency traders thanks to the introduction of international legal norms.

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