The financial regulator of Belarus plans to attract banks to create and implement transactions with tokens. According to the draft decree, financial institutions will be able to issue utility tokens and conduct their initial proposals to attract financing in national and foreign currencies.
Banks will also be allowed to purchase third-party tokens, including tokens of other banks and cryptocurrency platform operators. “Banks are not allowed to receive cryptocurrencies,” the rationale emphasizes.
Financial institutions will be able to carry out these operations only through the mediation of residents of the High Technology Park (HTP), in whose territory there is a special legal regime. These include Currency.com, iExchange and Free2ex.com, as well as the investment platform Finstore.by.
Kirill Zalessky, Head of the Department of Public Information and International Cooperation of the HTP Administration, told ForkLog that the listed companies have the right to carry out the activities of the ICO organizers:
“There are already specific examples when business entities issued their tokens at these sites, but banks, taking into account their specifics, do not yet have such an opportunity. The initiative of the National Bank will allow banks to turn to one of these companies for the issue of tokens. ”
All responsibility for the implementation of laws and the proper identification of token holders during operations will rest with these residents.
In turn, the National Bank will be able to establish the features of the banks conducting operations with tokens and control such activities. 12 banks will take part in the initiative.
Due to potential risks, the amount of funds provided and attracted will limit up to 10% of the regulatory capital of banks.
The experiment is proposed to be conducted from January 1, 2021 to January 1, 2024. The results will be presented to the President of Belarus by March 1, 2024.
Now the draft decree has been sent for approval to state bodies and financial institutions.
Viktor Prokopenya, an IT businessman, founder of VP Capital, said in a comment to ForkLog that Belarus is gradually creating regulation to create a full-fledged modern financial center.
“The initiative of the National Bank to conduct an experiment on the use of tokens for the development of the investment market is another step in this direction. The freer and more convenient the investment in the country will move, the faster the economy will develop. This is especially true in the current situation of a phenomenal fall in world GDP due to the coronavirus” – he said.