Gambling & Crypto Writer
To put their money into ICOs and cryptocurrencies, investors in Belarus will need to meet strict criteria.
According to the Belarusian IT media dev.by, an anonymous source related to the National Bank of the Republic of Belarus has disclosed that the institution is going to develop strict standards for investors in Initial Coin Offerings (ICOs). What is more, analogic regulatory measures will be introduced for cryptocurrency exchanges.
Only so-called qualified investors who meet at least two criteria of four will be allowed to put money into ICOs. The first criterion is relevant education and the second is appropriate work experience. If a potential ICO investor lacks any of these criteria, they must meet one of the financial requirements.
The financial cap to become a qualified investor is impressive: either a $50,000 minimum savings or a $20,000 minimum annual income. Both amounts may include fiat money and crypto assets. We call the numbers impressive, as according to CEIC, Belarusian average annual GDP per capita is $3,848.33.
The same criteria will reportedly be applied to crypto traders.
The source also added that advertisements regarding both crypto exchanges and ICOs are required to contain warnings about investment risks. At the same time, they must avoid promises of guaranteed income.