December 23, 2017 / Law

Belarus President Signed A Decree That Legalizes Mining And Cryptocurrencies

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President of Belarus Alexander Lukashenko signed the decree about the development of the digital economy, which pays much attention to the cryptocurrency payments development and blockhain technology.

Thus, the decree establishes conditions for using of cryptocurrency and tokens, and also introduces tax credits for cryptocurrency transactions. Within three months after the adoption of the decree, the National Bank should develop a regulatory and legal framework for additional regulation of the industry.

In accordance with a new document, legal entities-residents and non-residents of Belarus entitled to hold the tokens to create and host their own blockchain assets through the High-Tech Park residents, as well as to acquire, to dispose of digital assets and make with them other operations only through the cryptocurrency exchanges and specialized operators.

Individuals have the right to carry out mining, to acquire, exchange and dispose of tokens for Belarusian rubles, foreign currency, electronic money, and also to give and bequeath them.

The activities of individuals in the mining, acquisition and disposal of tokens not recognized entrepreneurial activities. In addition, until 1 January 2023 the profits from various transactions with tokens are not recognized as taxation object.

Mining, activities of cryptocurrency exchanges do not relate to banking activities. Central Bank will regulate and monitor the operation of the cryptocurrency exchanges.

Experts draw attention to the fact that in developing the document, the High-Tech Park has collected the opinions of all residents, as well as IT-companies not included in the High-Tech Park.

“The President of Belarus supported all the ideas and initiatives of the it community. Decree before signing in the press has sometimes been called revolutionary. In fact, he really is. In Belarus are creating some of the best conditions for it development of high-tech in General, businesses based on blockchain technology, and much more”, – commented on the document the head of the High-Tech Park Administration Usevalad Yancheuski.

It is also noted that the duration of the special legal regime of the High-Tech Park extended until 1 January 2049.

It should be noted that the text of the decree has not yet officially published. It is also unknown when it will enter into force.

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