Belarus officially allowed cryptocurrency and freed from taxation of cryptocurrency businesses

Belarus officially allowed cryptocurrency and freed from taxation of cryptocurrency businesses

As reported in the state media Agency BelTA on 22 December President of Belarus Alexander Lukashenko signed a decree “On the development of the digital economy”, which legally establishes the use of new technologies such as the blockchain, but also offers significant tax incentives in order to attract business from this area in the country.

The decree encourages the development of high-tech Park, special economic zone, which the government is committed to making the centre for technology and financial startups.

Belarusians were allowed to exchange tokens, create them to buy and sell for Belarusian rubles, foreign currency and electronic money. Moreover, you can now give and bequeath tokens, and activities in mining, buying and selling cryptocurrency is not considered a business.

To declare cryptocurrencies and income from operations Belarusians also will not have to, and the taxes they do not have to pay until January 1, 2023..

The income from various transactions with tokens not recognized as subject to taxation until January 2023.

In July, the Central Bank had already considered the possibility of using blockchain technology for the domestic banks.

The head of the Central Bank Pavel Kallaur said that the new laws are a kind of impetus to the development of high-tech Park.

Belarus has created a unique world for the conditions for regulation of cryptocurrency: how ordinary citizens and for companies and investors in this sector. Cryptocurrency transactions in the Republic will be the safest in the world, and they will be only the residents of the Park of high technologies.

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