Belarus legalized mining and cryptocurrency and provide tax benefits

President of Belarus Alexander Lukashenko has signed the Decree about the revolutionary development of the digital economy, which involves the development of cryptocurrency payments and technology of the blockchain.

According to experts, has received the informal name «the decree on the OEM 2.0» and will turn Belarus in the it country. In developing the document, the OEM has collected the opinions of all residents, as well as IT-companies not included in the OEM, consulting and legal companies and other.

According to the decree, the conditions for the introduction into the economy of the technology of the blockchain, to use crypto-currencies and token set framework conditions, and on the cryptocurrency transactions are entered tax privileges. Within three months after the adoption of the decree the national Bank will develop a regulatory framework for supplementary regulation of the industry.

In accordance with a new document, legal entities-residents and non-residents of Belarus are entitled to hold the tokens to create and host their own blockchain assets through the HTP residents (HTP), as well as to acquire, to dispose of digital assets and to make with them other operations only through the exchange of cryptocurrency and specialized operators.

Individuals have the right to carry out mining, to acquire, exchange and dispose of tokens for Belarusian rubles, foreign currency, electronic money, and also to give and bequeath them.

The activities of individuals in the mining, acquisition and disposal of tokens is not considered a business, and until 1 January 2023 the profits from various transactions with tokens are not recognized as taxation object.

Mining, activities of stock exchanges and exchange belongs to banking – regulation of this region will the national Bank. The validity period of the special legal regime of the HTP has been extended until 1 January 2049.

«The President of Belarus supported all the ideas and initiatives of the it community. Decree before signing in the press has sometimes been called revolutionary. In fact, he really is. In Belarus are creating some of the world’s best environment for it development, tech in General, businesses based on the technology of the blockchain, and more. To speak of the decree a lot of it makes no sense – its provisions speak for themselves», – said the head of the HTP Administration Usevalad Yancheuski.

«A very interesting document. On the one hand, this decree of Belarus took the world institutions of foreign law, on the other hand, thanks to this decision of the President of Belarus became the first country in the world that implemented in the legal field smart contract», – said a senior partner of law firm Aleinikov&Partners Denis Aleinikov.

According to him, this mechanism can solve the fundamental problem of humanity – the fulfillment of what was agreed on paper: auto-fulfillment of the conditions of contract is undertaken by a computer program.

«The new decree is a great answer to the current challenges not only to our country but to the world,» said Victor Prokopenya.

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