Another legalization – Belarus

Kajetan Maćkowiak
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The Belarusian government prepared a declaration which will make cryptocurrencies totally legal.

Alexander Lukashenko – president of Belarus, is going to sign the decree. Mainly, it will concern the activity of Belarusian High-Tech Park, which is a special economic zone. Different tax values and legal regime distinguish it from the other part of the country. To be more precise, companies placed there are exempted from paying income tax, value-added tax, property tax, and land tax. As we can see, putting a business in that place is associated with many benefits. From the time that decree will be signed, companies could legally work on cryptocurrencies market and take advantages of all the profits that it carries. It leads to the conclusion, that inflowing the foreign investments would have easy access. Moreover, it will facilitate the influx of innovative technologies. That is a goal, but benefits would be much broader. As Belarusians local newspaper (Tut By Media) reported, it results in becoming blockchain technology-based digital currencies as a part of public circulation in Belarus.

What does the Decree involve?

Firstly, all regulations and the new legal forms facilitate exchanging cryptocurrencies to Rubles (Belarusian fiat currency) and conversely. Moreover, it would be possible not only in a described Park but also in the other part of the country. Blockchain with cryptocurrencies will be put into circulation. Then, all services related to digital currency will be available for citizens, like exchanges, mining, and investments based on an ICO system.

To sum up, providing a vast security is one thing, but attracting investors is the other. Belarus financial market will be expanded to new capabilities. Its government realized that full regulations are a necessary to develop the country and improve the budget. The market will be more attractive for investors. For sure, that will contribute to the improvement of the financial situation of the country.

The day of signing the decree – exchanges can start trading, and ICO can become a part of the commercial system.

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