Major Belarusian Bank Mtbank Starts Offering Bitcoin Contracts for Difference (CFD) To Its Clients
Minsk Transit Bank – also known as Mtbank – an important FX dealer in the country will be the first banking institution in Belarus to offer bitcoin contract-for-difference (CFD). According to reports from ForexNewsNow.com, the bank will be offering these services with a Swiss bank known as Dukascopy Bank SA.
The Minsk Transit Bank was established back in 2016 and has been growing in the country as an important institution. Now it will be one of the first Forex brokers offering Bitcoin CFD. The products will be launched to the market during the next week.
On Sundays, the market will open at 21:00 GMT in the summer (in winter at 22:00 GMT), and will be closing on Fridays at 20:00 GMT both in summer and winter.
The platform offers CFDs for different underlying assets but the Bitcoin one will be forcibly closed.
Belarus Crypto Regulations
Belarus was one of the most opened countries towards virtual currencies. Indeed, the president Alexander Lukashenko signed a decree legalizing ICOs, smart contracts and cryptocurrencies. Moreover, the country approved a legislation that allows companies to register expenditures in virtual currencies.
Some time ago, the country offered tax exemptions to those crypto and blockchain-related companies that decided to settle their operations at the High-Tech Park (HTP). But in the last weeks, the government decided to make some amendments to the decrees approved.
Cryptocurrency exchanges need to operate within the High-Tech Park and disclose the data and identity of their customers. According to the local news agency, RIA Novosti,
‘beneficiaries must meet the requirements for reputation including no bankruptcy proceedings against them and no criminal records.
It is also important to mention that another crypto-friendly country, Japan, has decided to impose stricter regulations to the virtual currency market after different situations that took place on its territory. We are talking about hack suffered by the crypto exchange Coincheck that lost millions of dollars after losing NEM coins.