An Entrepreneur Penalized for Cryptocurrency Use
A sole proprietor involved in international transportation was sanctioned due to suspicious activities related to cryptocurrency transactions outside Belarus, according to News.Az, citing Onliner.by.
Details of the Investigation
- The entrepreneur's tax returns showed unusually low income with minimal bank deposits despite frequent business trips abroad, up to three or four times per month.
- During the investigation, authorities uncovered multiple USDT cryptocurrency transactions amounting to nearly 300,000 Belarusian rubles.
The Entrepreneur’s Defense
The entrepreneur argued that he was outside Belarus during the transactions and that the cryptocurrency served as collateral, not payment, which he planned to repay later.
Court Findings and Legal Context
The court dismissed these claims as unsubstantiated. Belarusian law does not recognize cryptocurrency as a legal payment method; only licensed crypto platform operators residing in the High-Tech Park may receive tokens as payment for goods and services.
The entrepreneur lacked this status and used a foreign platform, effectively operating as an unlicensed cryptocurrency exchange operator. This conduct was ruled illegal entrepreneurial activity.
As a result, the Economic Court found the entrepreneur guilty under Part 3 of Article 13.
Summary
The case highlights strict regulatory controls over cryptocurrency use in Belarus and penalties for unauthorized operations outside sanctioned platforms.
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