Belarus is the latest entry in a growing line of countries that are accepting and formulating regulations with regard to the cryptocurrency trade.
Larnabel Ventures and VP Capital are two companies that are reportedly backing the launch. The platform will primarily trade in shares, foreign exchanges and fiat commodities from Belarus, along with some other countries, with cryptocurrencies being the medium in all transactions.
VP Capitals CEO Viktor Prokopenya in a chat with Reuters said:-
“This is the first platform in the world where cryptoinvestors will be able to diversify their investments into real assets.”
Even CEO of Currency.com, Ivan Gowan, had something to say on this matter to news outlet BelTA:-
“Currency.com offers and guarantees to its users protection from potential risks and frauds in addition to fully transparent transactions and the observance of all standards set by the Belarusian legislation on cryptocurrencies.”
The platform as of now has issued around 150 different tokens, each in relation to a traditional financial instrument and hopes to take this tally to 10,000 in time.
In an article by Reuters, the Belarusian government has exempted all types of taxations on transactions with tokenized securities until 2023. The platform had reportedly received over 2,000 applications for registration itself in the first two hours after launch.
The platform, however, has its own procedure of giving traders permission to trade. Each trader hoping to be registered on the platform needs to undergo and pass an Anti-Money Laundering (AML) verification procedure.
The Belarusian president, Alexander Lukashenko, in the past has deemed the internet as “garbage” but would now be probably more willing to put it to use, seeing how it could benefit the former Russian-Slavic nation.
In May 2018, the country’s Minister of Communications and Information, Sergey Popkov, said that digital technologies are extremely important for the country as they can sustain governments, financial institutions and social services.
DX Exchange, launched on Jan.3, 2019, is an Estonian trading platform, is built on similar lines as Currency.com. Customers who trade in cryptocurrencies can indulge in stock trading of various major companies like Google, Amazon and Facebook.