Belarusian cryptocurrency rules adopted late in 2017 came into force on March 28, the state news agency Belta reports. The Belarusian government claims that the step brings forward the most comprehensive set of crypto-related regulation in the world. The regulations touch on every aspect of cryptocurrency, from central bank regulation to accounting and taxation to IT companies’ physical premises and human resources issues. The primary legislation comes in the form of Decree #8, “On the Development of the Digital Economy”.
This move is part of the eastern European nation’s broader high tech initiative, which covers everything from e-sports to biotechnology. Decree 8 is designed to entice foreign operators, including miners, to set up shop in the country. This includes efforts to foster activity at the country’s high tech parks in Minsk and Hrodno. In a major move for a country that in 2017 opened its first border crossing to western travelers for short-term (5-day) visa-free visits, foreign founders and workers at the high tech parks’ registered companies no longer need visas or work permits.
Regulations on the use of blockchain technology are included in the decree, including the use of smart contracts. At the same time, the National Bank of the Republic of Belarus initiated regulations that tighten internal controls to further restrict money laundering and the financing of terrorism in order to remain within international rules.
Moreover, the Ministry of Finance adopted a national standard on accounting rules for cryptocurrencies. Belta reports that “digital characters”, or tokens, are seen as investments overall. In particular, mining and trading digital tokens, especially transfers performed in order to test a transaction path will not be included in personal income tax. Investment positions are broken down into long-term (more than 12 months) versus short-term positions and are accounted accordingly.
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