Belarus Legalizes Bitcoin, ICOs, and Smart Contracts

It has been a while since we last saw positive regulatory news related to cryptocurrencies. A lot of countries still struggle with this concept in 2017. Over in Berlus, all cryptocurrencies and ICOs have been officially legalized. Even smart contracts are mentioned in this new decree. Moreover, there will be no taxation of any cryptocurrency-related activities for the next five years.

Belarus is a pretty interesting country in the world of cryptocurrency. They are by far the most open-minded bunch of regulators across all of Europe. Unlike what the EU might want to do, local regulators have no intention to ban Bitcoin. Nor will they tax any of the cryptocurrency-related activities either. This latter part is of great importance, as it sets a very interesting precedent. Most European countries would like to see some form of taxation sooner or later.

Bitcoin is now a Legal Currency in Belarus

For now, there are no tax plans in Belarus. Do keep in mind this is only for the next five years. Afterward, this topic will be revisited to see if changes need to be made. Legalizing cryptocurrencies, ICOs, and even smart contracts is a big decision. Initial coin offering projects will be very happy about this decision as well. Most countries try to oppose this business model,, for obvious reasons. Belarus is, once again, created a surprising precedent in this regard.

How this will affect Belarus in the future, remains to be seen. More specifically, it will be interesting to see if Bitcoin is used as an actual currency moving forward. This decree certainly opens up a lot of new and exciting opportunities in this regard. These currencies can also be exchanged for traditional currencies on exchanges operating within Belarus. This applies to both the local currency as well as any other type of money of interest to traders. A thriving ecosystem awaits, by the look of things.

It wouldn’t be surprising to see more companies set up shop in Belarus. With this regulation covering all bases for at least five years, an intriguing incentive is created. Everyone has to acknowledge this signed degree comes as somewhat of a surprise. Not too long ago, the National Bank of Belarus said they don’t support the legalization of Bitcoin.  It is unclear what has changed in this regard, but no one will complain. An interesting situation to keep an eye on, that much is evident.

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