In the framework of the decree «On the development of the digital economy,» the President of the Republic of Belarus Alexander Lukashenko, the Belarusian Ministry of Finance has developed a national standard of accounting and reporting tokens «Digital signs (tokens)».
The standard defines the order of formation in accounting of information on digital signs (tokens) and the obligations resulting from the private placement of the tokens to the owners of those tokens in the organizations (except the National Bank, banks, development Bank, NCVO, banking groups, Bank holding companies, budgetary organizations).
According to the document received by the organization tokens are accepted for accounting, depending on their method of preparation and the intended destination.
Tokens are purchased for the implementation of the rights certified by tokens, are taken into account depending on the maturity of the debit accounts (as long-term or short-term financial investments) and credit accounts (settlements with various debtors and creditors, or as other income and expenses).
Acquired for subsequent sale of the tokens are recorded in the debit of accounts as products, accounts payable or as income and expenses from current operations.
Received as remuneration – are long-term or short-term financial investments and commodities.
Tokens are obtained through mining or as a Commission, will be considered as finished products.
Own tokens created by the organization to embed, to accounting organizations will not be accepted.
Tools, tokens, and electronic money received from the initial placement of tokens (ICO), are considered to be long-term or short-term financial investments, commodities, settlement and currency accounts, and accounted for the loan as calculations for short-term and long-term credits and loans.
With regard to the accounting for end-of-use token, the Ministry of Finance RB has decided that the price of tokens sold by the organization which is resident of the Park of high technologies in the provision of services to promote token reflected on the credit Memorandum accounts as property taken for safekeeping.
So, at the end of the reporting period, the organization must provide information on the composition of tokens according to their types; the initial value of the token shown in the financial statements at net realizable value; liabilities incurred in the placement of their own tokens to the owners of these tokens.
The Finance Ministry has also identified the information that must be disclosed in the notes to the buhotchetnosti organizations working with tokens.
The decree «On the development of the digital economy», which creates the legal conditions for the use of cryptocurrencies, holding ICO and implementation of smart contracts, in force on 28 March in Belarus.