Crypto Regulations in Belarus
Belarus has legalized cryptocurrency transactions. In December 2017, the Belarusian government adopted Decree No. 8 “On the Development of Digital Economy,” marking the country’s first formal law governing cryptocurrency and blockchain. The Decree came into force on March 28, 2018. Subsequently, in November of 2018, the Supervisory Council of the Hi-Tech Park approved additional guidance relegation token-related activities.
Source: Freeman Law
Belarus has legalized transactions in crypto-currencies, part of a drive to foster private sector growth and attract foreign investment by liberalizing parts of its Soviet-style economy. The decree is designed to attract digital coin entrepreneurs, who are moving businesses to locations more welcoming to crypto-currencies as they face intensifying scrutiny from regulators over digital currency fund-raising, known as initial coin offerings.
Source: Reuters
The legal status of digital assets in the country is defined by the Decree of the President of the Republic of Belarus “On the Development of the Digital Economy”, which was adopted on December 21, 2017. The document created a number of advantages for IT companies, including those related to cryptocurrencies. In particular, cryptocurrency trading and other operations with digital assets are exempted from taxation until 2023.
Source: Gisuser
Belarus legalized various crypto activities with another presidential decree signed in late 2017 and enforced in May of the following year. It introduced tax breaks and other incentives for crypto businesses operating as residents of the Hi-Tech Park (HTP) in Minsk in an effort to develop the country’s digital economy.
Source: News Bitcoin
Until January 1, 2023 incomes of natural persons from mining and alienation of digital signs (tokens) are not considered taxable items with income tax (paragraph 3 part 1 subclause 3.1 clauses 3 of Decree No. 8).
Source: Mondaq
Individuals are totally exempt from taxes on profits made from tokens and cryptocurrency. It means that they don’t pay income tax on mining, acquisitions, alienation of tokens for Belarusian rubles, foreign currency, electronic money, and other types of tokens. Tokens are not required to be declared at all.
Source: World Services Group
The decree permits selling, exchanging, and mining cryptocurrency. The exchange of cryptocurrency for fiat money must be approved by the National Bank. Operators of cryptocurrency exchanges, however, are categorized as high-risk – much like operators of lottery games and casinos under Belarusian law. [2] Decree No. 8 legalizes token releases and distribution for business funding purposes. Decree No. 8 recognizes the right of individuals to carry out cryptocurrency mining activities; acquire tokens; and exchange, sell, donate, bequeath, and otherwise dispose of cryptocurrency. Under the Decree, businesses operating in the High Technologies Park receive an exemption from taxation and pay only 1% of their turnover. These terms are guaranteed through 2049. Crypto platforms have minimum capital and other regulatory requirements.
Source: Freeman Law
Belarus opened its doors to crypto businesses with a decree “On the development of the digital economy” which went into force in the spring of 2018. The document, signed by President Alexander Lukashenko, introduced tax breaks and other incentives for companies dealing with digital assets.
Source: News Bitcoin
Law enforcement officials in Minsk are seeking international assistance in locating and arresting the man who ran what is said to be the largest online cryptocurrency exchanger in Belarus. The cryptocurrency trader has been charged with tax evasion and an investigation against three of his accomplices estimated the losses to the state at $3.5 million.
Source: GAA Magazine
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