Belarus unveils register for cryptocurrency wallets used in criminal activity

Belarus is now maintaining a register of cryptocurrency wallets used to process criminal proceeds, a high-ranking government official in Minsk unveiled.

The database is part of a comprehensive mechanism for the seizure of illicit digital funds introduced ahead of the country’s next assessment by the FATF.

Belarus keeps track of coin wallets used by criminals

Belarusian authorities have created and are updating a special register for digital currency wallets used to generate criminal income, according to the head of the country’s main auditing body.

Vasily Gerasimov, Chairman of the State Control Committee (SCC), made the announcement during a plenary session of the Eurasian Group (EAG) on Combating Money Laundering and the Financing of Terrorism.

Speaking at the meeting in Minsk on Thursday, Gerasimov noted that Belarus is preparing for an upcoming assessment by the Financial Action Task Force (FATF), the global equivalent of the regional EAG.

He further revealed that Belarusian regulators are introducing new mechanisms for financial investigation and the swift detection of criminal financial flows.

Regulations governing the taxation of transactions involving cryptocurrencies, alongside other measures ensuring transparency in the digital asset space, have already been adopted, Gerasimov pointed out.

The capital city is hosting the EAG plenary week, which started on Monday. Over 300 representatives of government institutions, law enforcement agencies, financial intelligence units, and the private sector in member states are taking part, joined by experts from a dozen other nations.

The regional intergovernmental organization currently comprises nine countries – Belarus, China, Kazakhstan, Kyrgyzstan, India, Russia, Tajikistan, Turkmenistan, and Uzbekistan – and is an associate member of the FATF.

Vasily Gerasimov’s SCC is the Belarusian government body overseeing the execution of the national budget, the use of state property, and compliance with existing laws.

Its role is similar to that of Russia’s Federal Treasury, and its responsibilities include conducting audits, carrying out investigations and initiating criminal proceedings.

Minsk is updating crypto regulations

Belarus became a leader in its region in terms of crypto regulation when it legalized transactions with “digital tokens” with the presidential decree “On the Development of the Digital Economy,” which entered into force in 2018.

The document regulated crypto-related activities such as mining and trading for the residents of the Belarus Hi-Tech Park (HTP). The hub is governed by a special legal regime that provides various benefits to registered companies, initially from the IT sector.

In September of this year, Belarusian President Alexander Lukashenko highlighted the growing importance of cryptocurrencies, particularly in payments, and pushed for updating crypto regulations.

In October, the National Bank of the Republic of Belarus (NBRB) announced it was creating a working group to combat the illegal circulation of cryptocurrencies, underlining the main objective – preventing unauthorized payment transactions and the transfer of stolen funds abroad.

Amid concerns about capital flight, financial authorities in Minsk had already banned private citizens and individual entrepreneurs from buying and selling coins on non-Belarusian exchanges the previous year, in September 2024.

In mid-November 2025, the NBRK proposed the establishment of a unified framework for crypto regulation within the Eurasian Economic Union (EAEU), the single market uniting five former Soviet states. The EAEU is led by Russia, which has been lagging behind Belarus in adopting crypto rules.

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