Blockchain, Economy

Belarus Intensifying Crisis Scaring Off Crypto Industry in the Nation

Crypto organizations may look to exit Belarus as political turmoil intensifies in the EU’s Eastern next-door-neighbor, dominated by “the last dictator in Europe” Alexander Lukashenko.

As reported by, the Minsk-based platform, which claims to be the world’s first regulated tokenized securities exchange, is set to open an office in Vilnius, the capital of Lithuania, for employees who want to “take a sabbatical” from the firm’s Belarusian headquarters.

The media outlet announced that Jonathan Squires, the recently appointed British CEO of operator, wrote a letter to its employees. In the letter, the CEO stated that his firm would maintain its offices in Minsk, and claimed that the Vilnius office would initially be small.

Nevertheless, he added,

“We expect that, in the near future, most employees who wish to relocate will be able to do so.”

Squires added that Vilnius positioned less than 200 km from Minsk, was a “natural” venue for a second office in the region.

Squires also appeared to balance Belarus’ current predicament to that of the UK and the Brexit process. He claimed that he left the United Kingdom after the nation voted in favor of leaving the EU.

He added,

“The changes in Belarus are more ambitious and will not be completed in the near future. It could take years for things to return to normal.”

He added that those who wished to participate in protests or abstain from involvement were free to do so, but urged employees not to wear or clothing items in public.

Last month, also reported that several Minsk-based employees of the Russian internet giant Yandex had been relocated to Russia following a police raid on the firm’s Belarusian offices.

Mass protests occur in Belarus for around a month now as people protest against police brutality, tortures, killings, and reject the presidential election results. Lukashenko, backed by Russia, has been in power since 1994, denies electoral fraud, and has rejected new elections calls.

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