Belarusian cryptocurrency exchangers: online services for buying, selling, withdrawing, exchanging Bitcoin and other cryptocurrencies in the Republic of Belarus

Comfortable conditions for the IT sector in Belarus stimulate its active development; this also applies to cryptocurrencies. The Hi-Tech Park has existed for more than twelve years, but over the past 1-2 years more new residents have appeared in it than in the entire time since its creation. This is despite the difficult economic conditions associated with the pandemic. Many residents were founded by companies with foreign capital, and among them there are development centers of foreign corporations.

The editors of Profinvestment.com considered the topic of legal online exchangers in Belarus - these are services that allow you to buy, withdraw, sell, exchange cryptocurrencies and fiat funds within the legal framework of the state. Exchange in them is available not only to residents of the Republic of Belarus, but also to other countries of the world.

Let us remind you that in the Republic of Belarus all transactions with cryptocurrencies are completely legal, and until January 1, 2023, there is no need to pay taxes on income received from the sale of digital assets or to declare them. Please note: an individual does not need to pay taxes when exchanging at any exchanger or exchange, regardless of their jurisdiction. Source – Decree No. 8 “On the development of the digital economy.”

As such, Belarus has some of the most advanced cryptocurrency laws in the world. However, the requirements for licensing and security of exchangers and exchanges here are as strict as in Singapore, Estonia or Malta. Consequently, the very fact that a particular exchanger is regulated by the Hi-Tech Park indicates its reliability, legality and transparency.

2 Exchanger BitMinsk (ex. localbitcoins.by)

Belarusian cryptocurrency exchanger LocalBitcoin.by Despite the name, the exchanger has nothing to do with the well-known p2p platform LocalBitcoins, but belongs to the same company Blockchain Development SP. zOO. The functionality is very similar to Bitok.me, but does not have such a wide selection of exchange directions.

• Official website: localbitcoins.by
• Opening hours: daily from 10:00 to 20:00
• Number of cryptocurrencies: 3
• Number of fiat payment methods: 6
• Exchange duration: up to 25 minutes
• There is a system of discount coupons.

There is a referral program that works similarly to Bitok.me and also brings 10% profit from referral commissions. Commissions are individual for different trading pairs and can range from 3.5 to 10%.

Exchange cryptocurrencies in Belarus for cash

Exchange for cash in Belarus is a fairly popular exchange direction. In this regard, many questions are received regarding such operations. We decided to collect general material describing the main processes and issues that arise.

You can buy and sell the following cryptocurrencies and electronic money for cash in Minsk, Brest, Gomel, Grodno, Vitebsk, Mogilev and other cities of Belarus.

• Bitcoin BTC
• Ripple XRP
• Ethereum ETH
• Tether USDT
• Bitcoin Cash BCH
• Litecoin LTC
• Monero XMR
• Dash DASH
• ZCash ZEC
• EOS EOS
• USD Coin USDC
• Advcash USD
• Advcash EUR
• Capitalist USD
• Perfect Money USD
• Perfect Money EUR
• Capitalist EUR
• Payeer USD
• Skrill USD
• Paxum
• Neteller
• Webmoney WMZ
• USD coin
• Dogecoin DOGE
• Stellar XLM
• Chainlink LINK
• Uniswap UNI
• Aave AAVE
• Synthetix SNX
• Dai DAI
• Binance Coin BNB
• Augur v2 REP
• Lisk LSK
• Tron TRX
• Waves WAVES
• 0x ZRX
• Icon ICX
• True USD TUSD
• Binance USD BUSD
• Paxos PAX
• Neo NEO
• Cardano ADA
• Verge XVG
• Komodo KMD
• Nem XEM
• Omnisego OMG
• Iota MIOTA IOTA
• Bat BAT
• Qtum QTUM
• Cosmos ATOM
• Tezos XTZ
• Polkadot DOT
• Ravencoin RVN

*It is also possible to buy and sell other cryptocurrencies from the Binance platform that are not listed.

The main questions we receive.

• Tell me, how do you exchange cryptocurrencies for cash? Briefly, the process is as follows: 1. You create an application 2. The system will generate the details 3. You make the payment (!Indicate the priority commission when transferring from hot wallets!) 4. The payment is confirmed by the network 5. We receive the payment and fix the amount. 6. A representative contacts you and transfers funds.
• Is there an exchange option during a personal meeting with a representative, without prepayment? Yes . This option is possible, subject to certain conditions. 1. You change coins that do not require a long confirmation on the network. For example, Bitcoin requires 1-2 blocks on the network for confirmation, as well as a priority level of commissions when sending. Confirmations can take anywhere from a few minutes to several hours to confirm the transfer. Until the transfer is confirmed, we cannot record it and make a calculation. In practice, we have encountered cases when a user set a low commission (often by accident) or the network load increased sharply. Several times confirmation of such transactions took 1-3 days. Unfortunately, it is precisely this moment that forces us to introduce a number of restrictions on exchanges during a personal meeting. 2. You know how to use hot wallets and know how to set a priority commission for sending transactions. As in the example above, this is important for quickly confirming transactions. If the commission is low, the transaction may freeze for hours or even days. Our record was in 2017, it was 15 days. This was inconvenient for both the user and us. 3. You change the amount from $5,000 in equivalent. During the day we receive a large number of applications for exchange transactions. We have set a limit of $5,000 equivalent for exchange during a personal meeting with a representative. Often an exchange in person takes about 30-50 minutes. A full-time working day for a representative lasts about 8-10 hours. Taking into account the workload and this limit, we can efficiently fulfill both large and small requests thanks to this division. 4. You change coins, which receive confirmation within 5-10 minutes. On the ERC20 and Tron protocols, as well as many other blockchains, the confirmation speed is quite fast. In this case, an exchange can be made in person. This rule often applies to USDT (Tether) ERC20 and TRC20, ETH, Ripple and some other coins. *The meaning of all the above exceptions is precisely in time. We are obliged to distribute the load when working. It can take about an hour to exchange an equivalent amount, for example $1,000 to Bitcoin, provided the network is loaded. Which is basically not rational.
• How can I contact a representative? You need to select the direction of exchange and create a request in the system. The operator will submit the request for processing. A representative will contact you and agree on the details of the operation.
• When is the exchange rate fixed? For cash transactions, there are two options for fixing the rate. They depend on how the transaction occurs. — You have made an advance payment (fixation occurs after the funds are credited to us and transaction data is visible in your personal account). — The transaction is carried out during a meeting with a representative (fixation occurs upon the transfer of funds during a personal meeting).
• Can I send you cryptocurrency and ask you to put it up for sale at a certain rate? Yes it is possible. You create an application, the system will indicate all the details of the transaction. You make a payment. After this, you need to write in the dialog box on the website, indicate the application number and indicate to the Operator that you would like to offer the lot at such and such a price. Upon reaching the price and executing the order, the Representative will contact you and deliver the funds.
• Where does the transaction take place in person? The venue is agreed upon with the representative. This could be an office, a bank, or another location agreed upon and convenient for both parties. This also depends in part on the Representative's schedule and workload.
• How can I check the funds received? We receive all assets from the bank and they initially undergo authenticity and quality control (approx. mold, etc.). But you can also request additional verification from your bank, if it provides such an option. As a rule, the easiest way to verify is to check through the exchange of funds at an exchange point with a representative.
• What is the legal aspect of such a transaction? The exchange operation in Belarus takes place within the framework of Decree N8, namely regarding the alienation of assets between individuals. The decree legitimizes the process of such operations.
• Can I receive a document confirming the fact of the operation? Yes it is possible. You can agree in advance to receive a p2p exchange agreement.
• To what extent is such a document legal and recognized by tax authorities for tax deduction in accordance with Decree N8? In our practice, since 2022, a large number of documents related to such operations have been submitted. Until now, no questions have arisen regarding the legitimization of funds from the sale of cryptocurrency assets. According to Decree N8, you are not required to declare funds from sold assets. But if the tax authority makes a request, you can explain the origin of the funds.
• I am very afraid of the transaction, what guarantees do I have? This is a common and natural question. We can provide the following points as guarantees. 1. We are an official participant of the Bestchange.ru . Obtaining the status of an exchange office in this system implies long-term acceptance (6 months), financial and technical costs. You can read reviews about our service throughout its existence. https://www.bestchange.ru/bitokby-exchanger.html If there were complaints, we simply would not be able to fully work and provide services. 2. We are also a legal entity and have an office in Warsaw. Information about the company is posted on the website devb.eu 3. There are hundreds of reviews online for the years of our service. We value our reputation extremely. Economically, it makes no sense for us to default on our obligations. We invest tens of thousands in the development of the service and its support. Working honestly towards the User is the only way to develop. Despite this, we always invite the User to check us, namely, Before making large exchanges, the user can - Create an application for a minimum amount and receive it from a representative . This will allow you to understand the algorithm of work and check it. — Create a transaction for a small amount for exchange through a card or ERIP . This will make sure that we do our work efficiently and pay out funds. *You can also agree on all the nuances of the exchange with the Operator to ensure complete confidence in the transaction.
• Do you work in the regions of Belarus? Yes, we often deliver funds or a representative in the regions carries out a transaction locally. In case of delivery to the cities of the Republic of Belarus, the service is paid and depends on the distance from Minsk. The date and time of delivery are agreed upon with the Operator.
• How does the deal work in the regions? As at the beginning of the material, everything depends on the amount of the transaction. If the amount is above $5,000, then on site in the presence of a representative. The amounts below are often delivered prepaid.
• I still have questions, what should I do? You can contact us in any convenient way. For example, on the website in a dialog box with the Operator, or in a convenient way. See the "Contacts" section. We hope this material will relieve you of most of the most controversial questions and allow you to understand our policy of working with the User. (to be added)…

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List of Belarusian crypto exchanges

Three main Belarusian crypto exchanges that allow you to legally trade tokens.

1. Currecy.com is the first officially registered crypto exchange, launched in 2022. At first, it was possible to trade exclusively general coins on the site, but today it is possible to buy tokens tied to real stocks and commodity prices. The purchase of shares is carried out in the following way: the user purchases a coin, and the Currecy.com platform purchases a similar number of real shares through an infrastructure partner. The advantage is the ability to purchase any assets within one platform. Another big plus is the ability to purchase shares in the form of tokens, exempting yourself from tax. The disadvantage is the high level of risk. The actions of the investor directly affect how much the user can earn or lose.
2. Finstore.by is a crypto platform from BelVEB Bank, launched in 2019. The main market is domestic. Belarusian companies issue tokens that undergo ICO through Finstore.by. The advantage of cryptocoins is the ability to sell analogues of bonds pegged to foreign currencies (euro, US dollars, Russian rubles). Advantages: low transaction costs, high returns and diversified portfolios. Disadvantages: low liquidity, problems with the speed of obtaining access to financial statements.
3. Free2ex is a classic crypto exchange that has much in common with Currecy.com; one of the developing areas is the introduction of Belarusian traders to the international market. The list of pros and cons is identical to Currecy.com.

Possible difficulties when replenishing

Foreign platforms offer different methods, but they are mainly designed for users from Europe or Asia, so they are not always suitable for Belarusian investors. In particular:

1) Deposit directly in cryptocurrency. If you do not yet have Bitcoin, Ethereum or another cryptocurrency, then you will have to use an exchanger, indicating the address of the exchange account in the “Recipient” field. There is a risk of running into a dubious or even fraudulent exchanger, as we already wrote in one of the previous articles.

2) Top up from a card. You need to understand that most crypto exchanges work with intermediaries like Simplex, who charge their own (often high) commissions. Even Coinbase, which is considered very affordable overseas, charges 3.99% on every card transaction.

Another problem is support for cards issued in Belarus. After going through the verification procedure (KYC) and linking the card to your account, you may find that the transaction does not go through.

3) Replenishment by bank transfer. This option is designed primarily for residents of the US and EU, so the offered transfer formats are ACH and SEPA. They are usually processed free of charge, but few people in Belarus have access to these tools. SWIFT transfers take an extremely long time and are subject to high commissions; In addition, your bank may ask for supporting documents (an agreement with a crypto exchange), which will be difficult to obtain.

So, what to do if you encounter problems replenishing your balance on a foreign trading platform? Perhaps the most reliable and simple solution is to first make a deposit on a regulated Belarusian crypto exchange, and only then transfer funds or crypto from one platform to another.

How to trade without going to the exchange

Only stock exchanges fell under state control. This means that there are alternative ways to legally receive funds from sites operating around the world. For example, DEX.

DEXs are platforms for buying and selling cryptocurrencies that allow you to issue special private keys to users. Blockchain, when using a centralized exchange, is built in such a way that the owner is an organization, and existing assets are distributed among users within it. And with DEX, the full user is the owner of the funds. The exchange itself does not handle storage, they only create an order matching protocol and transfer funds between wallets using smart contracts.

To start working with DEX, you need to create a wallet or connect to the system using web3 services (MetaMask, Trust Wallet). You don't need any information to make transfers, you just need an address.

Wallets can also be added to the list of bypass trading methods. Within the ecosystem of many of them, you can not only buy and sell tokens, but also invest them in stakes. This allows customers to use one platform and receive the benefits of multiple services. Some of them even offer the ability to withdraw money directly to a bank card.

To do this, it is enough to open an account in your wallet, and then carry out standard purchase and sale procedures. Transaction fees for each system are determined individually. The functionality also completely depends on the platform used.