Belorussian President Alexander Lukashenko signed last 21st December a new decree that legalises initial coin offerings and transactions in crypto-currencies, including their exchange for traditional currencies on Belarussian exchanges. The decree will be effective from 28th March 2018
The decree creates unprecedented conditions for residents of the Belarusian High-Tech Park (HTP), an IT-focused special economic zone, similar to Silicon Valley in the U.S, established in 2005 that provides tax benefits such as exemption from income tax, value-added tax, land tax, and property tax.
In another words individuals and companies will be able to store, change, buy, donate, mine, and exchange cryptocurrencies and tokens for fiat currencies. In addition all crypto transactions and related income, including from mining, will be tax-free for the next five years. (January 2023)
The IT Companies that will be operate from High-Tech Park will be allowed to operate in part under English law - to bust the potential foreign investors, who can struggle to navigate the Belorussian legal system.
Cryptocurrency enthusiasts who want to enjoy the benefits of the cryptocurrency legalization in Belarus will not be obliged to reside in the country and if they wish to be reside they will not need to apply for residency permit. They should only need to register a firm in Belarus in the High-Tech Park (around $4000 all inclusive) . But those aiming to open a cryptocurrency exchange should have at least $500,000 in a bank in Belarus.
Anton Myakishev, the head of Microsoft’s Belarus office, told Reuters that “the decree is a breakthrough for Belarus,” adding that “it gives the industry the possibility to make a leap forward in its development and allows foreign capital the possibility to come to Belarus and work in comfortable conditions.”
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