While many nations of the world are scrambling to figure out how to reign in cryptocurrencies, Belarus is busy working on creating a better, safer, freer environment for the cryptocurrency marketplace.
|Cryptocurrency-Friendly Regulations in Belarus Could Attract Foreign Capital and ICOs|
At the end of 2017, Belarus President Alexander Lukashenko signed a “Digital Economy Development Ordinance,” aimed at developing the country’s IT sector and attracting blockchain technology companies, capital and talent from all over the world.
“Belarus becomes the first state in the world which opens up broad opportunities for the use of the blockchain technology,” said Lukashenko. “We have all opportunities to become a regional center of competence in this field.”
According to the Belarus News Agency, the new ordinance gives “a serious competitive edge” to the country in the creation of a 21st-century digital economy. It provides friendly conditions and simplified regulations for resident companies of the Hi-Tech Park (HTP), a cluster for innovative IT. Belarus promotes the HTP as a special economic zone with a special tax and legal regime.
In particular, Belarus wants to offer comprehensive regulations for business based on blockchain technology, as well as legalize cryptocurrencies, Initial Coin Offerings (ICOs) and smart contracts at the national level. The Digital Economy Development Ordinance is expected to come into force in March 2018, three months after its publication.
“Now, the people of Belarus can list and promote ICOs, create and sell cryptocurrencies, establish cryptocurrency exchanges and do other operations with digital money,” reported RT. Foreign businesses will be able to take advantage of the country’s simplified and permissive regulations by registering a local company. It’s worth noting that many transactions with crypto tokens will not be taxed and will be exempt from VAT until 2023.
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