On November 1, the Belarusian Universal Commodity Exchange (BUCE) started issuing free electronic digital signatures (EDS) for participation in exchange trades. Both Belarusian and foreign companies are now eligible for receiving an EDS free of charge. This is supposed to make BUCE trading platforms more attractive to business entities at home and abroad and lower the threshold for entering the commodity market of Belarus.
Furthermore, the registration procedure itself has become much simpler. Whereas previously state-run companies that already had an EDS issued by a national certification authority had to get an attribute certificate at BUCE in order to participate in exchange trades, now they can use the existing EDS to enter BUCE’s trading system.
Foreign companies will have to deal with fewer hurdles as well. Before the end of the year, they will be exempt for the requirement to translate registration documents into Russian or Belarusian. Standardized forms of these documents translated into the most widely used languages will soon be available on BUCE website. It means that a foreign company will only have to fill them in and submit.
It is expected that simplification of the registration procedure coupled with abolition of registration fees will help engage more businesses in exchange trade and contribute to the robust development of this market.
The European Union also supports the development of trust services in the digital economy through its EU4Digital Initiative, as essential building blocks for interoperable cross-border eServices in the Eastern Partnership region.