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Major Belarusian Bank Starts Offering Bitcoin CFD as Belarus Gets Less Crypto Friendly

Major Belarusian Bank Starts Offering Bitcoin CFD as Belarus Gets Less Crypto Friendly

A well-known bank in Belarus will begin offering a bitcoin contract for difference (CFD) product through its platform, a joint project with a Swiss bank. Meanwhile, Belarus is growing less crypto friendly, reportedly amending its decree to impose strict KYC rules.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

New Bitcoin CFD Product

Major Belarusian Bank Starts Offering Bitcoin CFD as Belarus Gets Less Crypto FriendlyMtbankfx is an accredited FX dealer and the first banking forex platform in Belarus. Launched in July 2016, it is a joint project between Minsk Transit Bank (Mtbank), one of the most well-known banks in Belarus, and Swiss Dukascopy Bank SA.

Major Belarusian Bank Starts Offering Bitcoin CFD as Belarus Gets Less Crypto FriendlyThe platform will start offering a bitcoin CFD product next week, according to local media. It has already added information and updated its terms of service to reflect this new offering.

Mtbankfx explains in its terms of service that its tools, including the BTC/USD tool with 1:3 leverage, are “available for transactions around the clock – from the opening of the market on Sundays at 21:00 GMT in the summer (22:00 GMT in the winter) until the market closes on Fridays at 20:00 GMT in summer/winter time.” For the bitcoin CFD specifically, the company wrote:

All open positions as of 20:00 GMT Fridays will be forcibly closed.

While the platform offers CFDs for many underlying assets, the bitcoin CFD is the only one that will be forcibly closed.

On March 29, Switzerland’s Dukascopy Bank SA launched its own BTC/USD CFD product for European clients. “Bitcoin to US Dollar (BTC/USD) with leverage 1:3 has been added for live trading,” the company stated.

Belarus Becoming Less Crypto Friendly

Major Belarusian Bank Starts Offering Bitcoin CFD as Belarus Gets Less Crypto Friendly
Alexander Lukashenko.

Belarusian president Alexander Lukashenko signed the decree “On the development of the digital economy” in January that legalized cryptocurrencies, initial coin offerings, and smart contracts. The decree went into effect in March.

However, local media reported this week that amendments to that decree are already being prepared to obligate cryptocurrency exchanges operating within the High-Tech Park (HTP) to disclose their data and identify customers.

Ria Novosti’s source explained that “beneficiaries must meet the requirements for reputation” such as having no criminal record and no bankruptcy proceedings against them, in whole or part. “They should [also] show the availability of funds in accounts of at least $5 million and confirm the sources of their origin.” Additionally, Forklog elaborated:

Operators are required to identify the clients of the exchanges, as well as record and store all types of communications with them. In certain cases, exchange-residents of the HTP will be required to conduct customer verification procedures.

The news outlet added, “information about customers and their transactions should be stored at crypto exchanges for at least five years.”

Do you think Belarus will become even less crypto friendly? Let us know in the comments section below.


Images courtesy of Shutterstock and Mtbankfx.


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Tags in this story
Belarus, belarusian, Bitcoin, Bitcoin CFD, BTC, crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, Dukascopy Bank, Foreign exchange, fx, mtbank, mtbankfx, N-Economy, swiss, Switzerland, USD, Virtual Currency
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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.