July 9, Reuters evaluated the success of the new ambitious players in the cryptocurrency market, paying special attention to Belarus.

The article begins and ends the story of the Belarusian businessman Viktor Protopine, one of the ten most successful and influential businessmen of the country.

In the photo above Prokopenya in his London office talks about how at the meeting with Belarusian President Lukashenko in March 2016 they discussed approaches to the regulation of the industry. Two years later, new rules came into force. In an interview with Reuters Prokopenya said:

“The idea was to create everything out of nothing. But freedom in some aspects is the opposite direction – hard to control in other aspects.”

As mentioned earlier, the entrepreneur Victor Prokopenya is an investor in the first Belarusian cryptocurrency exchange, which got underway in January of this year. It launched the company Larnabel Ventures owned by the member of the Board of Directors of the group Safmar said Gutseriev. Another investor in the project was the company VP of Protopine Capital.

Business partner of Prokopiy said he was the son of the Russian oligarch Mikhail Gutseriev. Gutseriyev considered to be the richest clan in modern Russia, which owns about 9.8 billion dollars. Gutseriyev is a senior in the rating of Russian millionaires is in 16th place with a capital of 5.9 billion dollars. He is perhaps the only Russian oligarch with whom Lukashenko has not only maintained warm, friendly relations, but does not hide it.

There were rumors that Gutseriev-younger along with Prekopana persuaded Lukashenka to sign the decree “On the development of the digital economy”, which gave rise to the development of blockchain technology in Belarus and made possible the emergence of the first crypto currency exchange. The fact of dealing with Lukashenka Prokopenya confirmed in an interview with Reuters

Belarus is one of the few countries offering special regulation for cryptocurrencies. If major financial centres such as London or new York, can be attractive to large institutions, a key requirement of which is security, that startups are difficult to comply with these requirements.

At the same time, poorly regulated jurisdiction like the Seychelles and Belize, do not provide investors with sufficient protection and keep bad laws on the fight against money laundering.

Thus, Belarus and other newcomers in this sector, including Bahrain, Malta and Gibraltar are able to offer a third way: special rules for cryptocore and security guarantees and tax incentives for investors.

Reuters quotes the co-founder of the second legal crypto currency exchange Belarus Igor Snizhko. He says explaining the decision to launch the project in Belarus:

“For many, the CIS market is very promising and at the same time very dangerous. Many big experienced players afraid of – lack of transparency. We didn’t want to work in any “grey” jurisdiction”.

The Agency completes the review of promising new jurisdictions with a quote from Victor of Protopine. According to him, the existing risks, including those associated with money laundering, can be minimized with the help of accurate regulation, which makes Belarus, trying not to miss the chance to grab their share of a growing market.

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