Topic: [2017-11-24] President of Belarus Expected to Sign Decree to Legalize Cryptocurr - page 2. (Read 5797 times)

A draft decree on the Belarusian High-Tech Park which would legalize cryptocurrencies is awaiting the president of Belarus to sign into law. Among other provisions, if the law is passed, cryptocurrencies and initial coin offering (ICO) tokens will be approved for circulation. In addition, exchanges can trade rubles for cryptocurrency, ICOs can be used for financing, and mining will also be allowed by law in Belarus.

Belarus’ Decree to Legalize Cryptocurrencies

Belarus is a landlocked country in Eastern Europe, located between Poland and Russia. The country has a population of approximately 9.5 million.

In 2005, Belarus president Alexander Lukashenko signed a decree to begin an initiative to create an IT-focused special economic zone, similar to Silicon Valley in the U.S. The zone is referred to as the High-Tech Park (HTP). It is the only place in the country that provides tax benefits on a systematic basis. For example, HTP residents are exempt from income tax, value-added tax, land tax, and property tax.

In the summer of this year, a decree was prepared in order to facilitate the inflow of international investments and incorporate new technologies and innovations in the HTP. This draft decree, which has already been presented to Lukashenko to sign into law, includes provisions for cryptocurrencies and ICOs at the legislative level.

According to local news outlet Tut By Media:

"The decree provides for the introduction into civil circulation of cryptocurrencies and tokens based on the technology of blockchain. A comprehensive legal regulation is proposed so that HTP residents can provide crypto exchange services, exchange cryptocurrencies, attract financing through ICOs, [and] use cryptocurrencies and tokens in civil circulation."

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