An entrepreneur punished for cryptocurrency use
A sole proprietor involved in international transportation was penalized for conducting USDT cryptocurrency transactions outside Belarus, according to News.Az citing Onliner.by. Tax authorities noticed inconsistencies in his declared income and banking activity.
Discrepancies in financial reporting
The entrepreneur's tax returns showed unusually low income, and his bank account reflected almost no deposits despite frequent foreign trips, reportedly three to four times per month.
Investigation results
During the investigation, numerous USDT transactions were uncovered, amounting to nearly 300,000 Belarusian rubles.
"The entrepreneur defended himself by stating he was outside Belarus at the time of the transactions and that the cryptocurrency acted as collateral to be repaid later."
However, the court rejected this defense as unsubstantiated.
Legal context and ruling
Belarus law does not recognize cryptocurrency as legal payment. Only crypto platform operators, residents of the High-Tech Park, can legally receive tokens as payment for goods or services. The entrepreneur lacked this status and used a foreign platform.
His activity was ruled as illegal entrepreneurial conduct, equated to operating a cryptocurrency exchange without a license. The Economic Court found him guilty under Part 3 of Article 13.
Summary
This case highlights strict regulatory controls on cryptocurrency use in Belarus and consequences for unauthorized operations.
Would you like the tone to be more formal or conversational?