Every business related to cryptocurrency is no longer seen as illegal in Belarus.
A presidential decree was announced on the March 28, and it makes cryptocurrency business legal in the country. The decree “On The Nations Development Of Digital Economy” aims at making the country a business-friendly IT hub that will attract entrepreneurs globally. This follows the new cryptocurrency accounting standards announced recently by the government.
Activities related to cryptocurrency are free of tax in Belarus. The country aims at improving its reputation by encouraging western businesspeople to invest. The decree enforces comprehensive regulations that legalized the cryptocurrency sector.
What The Decree Means For Cryptocurrency Investors
The decree was signed by the president Alexander Lukashenko in December 2017 but was not enforced till March 2018. It is meant to create the right atmosphere for the growth of the digital economy in Belarus. Businesses involving cryptocurrencies like crypto mining, exchange services, smart contracts and initial coin offerings are now legal in the country.
No restriction was placed on issuing, trade, and, storage of digital tokens. Entrepreneurs and entities in the cryptocurrency industry are free to do business anywhere within the country. All they need to do is register as residents of the HTP (High Technologies Park) in the country.
There are no incentives or tax breaks attached to the decree until January 2023. Companies that profit from cryptocurrency investments will not be required to pay tax till the date stated above. Individuals who gain income from cryptocurrency investments will not be required to pay tax either.
There are also measures put in place to simplify procedures related to foreign trade and employing foreign nationals by the HTP.
A special council will be created and taxed with fostering the development of the digital economy. The council will be responsible for coordinating digitization. It will be chaired by Andrei Kobyakov, the present Prime Minister of the nation.