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. Currency.com, 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.

How to contact us

If you need help or additional information in this area, do not hesitate to contact us. We are here to help and support you personally.
Phone and email communication options are available for your convenience:

  • +375293664477 (WhatsApp/Telegram/Viber);
  • info@spex.by.
Contact us

    Message