President of Belarus Alexander Lukashenko signed a decree enacting cryptocurrencies, pre-sale offers (ICOs), and smart contracts. All crypto transactions and related income, including crypto mining, will be tax-free for the next five years.
Legalized Cryptocurrency Transactions and ICOs
President Alexander Lukashenko on Friday In his statement, he said that the decree “On the Development of the Digital Economy” was signed.. He stated that the main purpose of the document is to “create the conditions under which global IT companies can come to Belarus, open their representative offices, development centers and create popular products around the world.
Cryptocurrency Tax-Exempt
Decree , cryptocurrency units, ICOs and smart contracts as well. “Belarus will legalize transactions in cryptocurrencies,” Reuters reported, “a testament to the fact that it is a tool to stimulate private sector growth and attract foreign investment by liberalizing parts of its Soviet-style economy.” The news team added:
“The decree legalizes ICOs and transactions in cryptocurrencies for Belarusian currencies, including exchanging fiat currencies. All trades will be tax-free for the next five years.”
Rusbase news agency; “People will be able to store, exchange, buy, donate, inherit and exchange tokens for cryptocurrencies,” he said.. In its detailed description, Rusbase states: “In addition, it is not necessary to declare cryptocurrency income until January 1, 2023, as they are tax-free.”
Unprecedented benefits for residents of HTP
Decree, Belarus High Technology Park (HTP) creates unprecedented conditions for residents. In the news published last month, Sputnik urged, “HTP residents, be firms that exchange and exchange cryptocurrencies.”
Belarus is for ordinary citizens, both companies and companies in this field has created unique conditions for investors to the world regulating cryptocurrencies.
Legal entities in HTP can attract investments by issuing their own ICO tokens and buying and selling them via crypto exchanges.. Detail in the news;
Research firm Belapan said earlier this month that the Ministry of Finance and the National Bank of Belarus do not support legalizing “cryptocurrencies”. “Because there may be serious risks in financial markets,” he said.. “It is not possible to audit cryptocurrencies and monitor their movements,” a government-run source said in a publication.
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