Connect with us

Cryptocurrency accounting standards to be made mandatory – Belarus

Joel Mathew



Cryptocurrency accounting standards to be made mandatory - Belarus
Source: Wikimedia

An Eastern European country called Belarus recently asked its cryptocurrency companies to submit their customer records, based on which the government will be updating a new decree based on cryptocurrency. Belarus had legalized cryptocurrency transactions as a part of a movement to foster the growth of the private sector and attract foreign investors.

The Decree on the Development of Digital Economy is revised as the government feels it mandatory for cryptocurrency exchanges residing in the country to provide customer data. The companies operating inside are ought to keep transparency. Information regarding the management’s structure, Clienteles’ names, and communication records are obligatory.

The companies must follow the updated financial standards and are also required to designate a risk manager and a technical director. According to a news agency in Belarus, the beneficiaries must meet the standard requirements such as involvement in no criminal activity, no bankruptcy-related issues. And a minimum of $5 million should be available in the accounts.

By the end of December last year, Alexander Lukashenko the president of Belarus signed a decree for the legalization of cryptocurrency exchanges. The president exclaimed regarding the country’s adoption of latest global trends and technology. The ministry of finance in Minsk, Belarus has been working on developing a new set of standards for cryptocurrency transactions.

Havier Metal, a Redditor says:

“What if I find a partner and start up a business in Belarus that accepts cryptocurrency. As a US citizen, I invest into said business. Since my friend is the owner of the business he allocates my money to where I need it to go. Yes, his business needs a Ferrari that he only lets me drive! But see he doesn’t mind because he gets a cut of the crypto.”

Kdkelva, another Redditor says:

“What you guys are forgetting is that Belarus is Russia’s satellite for the lack of a better word. Such a decision would never go through without Putin’s approval or at least no disapproval. My guess is, this is Russia’s pilot project.”

Raymond Carl, a crypto enthusiast says:

“Belarus has been very accommodating towards crypto. I think even more start-ups would move there if the location and language and were easier.”

The country has opened up opportunities for financial companies to trade in the country’s High-Tech-Park with minimal tax and offering incentives until 2023. This validates the legalization of crypto-related activities such as currency mining, exchange platforms, ICO’s, etc.

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Joel Mathew is a full-time creative content writer for AMB Crypto. He's an English honors graduate from Christ University. He's skilled in research analyses and produces valuable content in the field of blockchain and cryptocurrency.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Guest Post

Crypto Analysts are Bullish for XRP: Predicting it will Reach $7 in the Coming Weeks to Months

Guest Author



Crypto Analysts are Bullish for XRP: Predicting it will Reach $7 in the Coming Weeks to Months
Source: Unsplash

The positive sentiment for XRP is strong, with a number of major players in the crypto space declaring some rather bold projections for its price to significantly increase in the near future.

Namely, prominent crypto identity, Sir Gordon Gekko, tweeted his prediction on May 28th that XRP will soon reach $7-$10 based on the similar signs after hitting a daily golden cross as it did in 2017.

The same significant event in 2017 saw Ripple’s price soar from $0.23 to a high of $3.30 to deliver investors and ROI of 1334% in less than one month.

The golden cross appears on a chart when a market’s short-term moving average crosses above its long-term moving average and indicates the potential for a major rally. In this case, the short-term average is based on 50-day period and the long term average is based on 200-day period.

XRP’s daily golden cross chart pattern in 2019:

The expectation of XRP’s monumental price increase is firmly backed by several other pro analysts, including Robert Art, who tweeted on the 19th June his foresight of $7 also. Robert further backed this up his claim in a YouTube post only 2 days ago stating he remains extremely confident that XRP is primed to explode.

Adding further fuel to the fire, Ripple has landed another impactful partnership with international money transfer company, Moneygram. The partnership will allow Moneygram to use Ripple’s native token, XRP, to improve operating efficiencies, increase earnings, and its abundance of free cash flow.

Since the announcement of the Ripple and Moneygram deal, Moneygram’s stocks more than doubled in price, demonstrating the confidence in XRP as financial services companies seek to leverage blockchain technology as it enters the mainstream.

More than sentiment and the media alone, it has been widely recognized that various chart indicators are pointing towards a break out in XRP’s price. As aforementioned, a daily golden cross, as well as an XRP/BTC double bottom seen on the 21st June which indicates a change in trend and a momentum reversal from the prior leading price action – being the bear market.

XRP/BTC in Double Bottom Pattern:

Additionally, the consistent increase in trading volume and the formidable upwards price action of the crypto market as a whole are unmistakable factors to consider as indicators contributing to a bull run.

More advanced trading strategies, in particular margin trading, are on the rise as traders from traditional financial markets join in on the action. With an obvious increase in leveraged long positions in an effort to maximally capitalize on the current and highly favorable trading conditions.

The trend to trade with leverage has markedly increased since the beginning of 2019, which should come as no surprise as the high-risk/high-reward strategy provides the opportunity to magnify a trade’s profitability by up to 100x [as is possible the leading margin trading platforms, Bitmex and PrimeXBT].

As further evidence of margin trading’s increased popularity, Binance has announced its plan to add a margin trading feature, and other exchanges like OkEX have upped its moderate leverage allowances, to a slightly higher leverage allowance of up to 5x. How much leverage Binance plans to offer is unknown as yet.

At this stage, the opportunity to trade XRP with 100x leverage is only available on PrimeXBT.  Thus, it’d be fairly safe to presume we will see another surge in the margin trading platform’s volume and new user numbers in accordance with the highly anticipated XRP bull run – as its users ‘go long’ in the hope of increasing an already expected 7x price increase by a whopping 100x.

Crypto trading is inherently high-risk and high-reward by consequent of its incredible volatility, which is what makes it so attractive to traders and investors.  It’s now possible that die-hard hodlers will finally reap the rewards of their patience, and that those who came late to the party post 2017 have a chance to make a sizeable profit from crypto once more this year in 2019.

Some analysts are saying the XRP price increase will reach the projected 7x within the coming days-to-weeks, whereas others are saying weeks-to-months.  The good news is that both predictions point to green!

Subscribe to AMBCrypto’s Newsletter

Continue Reading