Cryptocurrency Activities Will Be Legal and Tax Free in Belarus Starting in March 2018.
The decree signed by Belarusian president Alexander Lukashenko which legalizes cryptocurrencies, initial coin offerings (ICO), and smart contracts, will enter into force in March. Cryptocurrency activities are not restricted by the decree and will be tax exempt until 2023.
Therefore, lack little for Cryptocurrencies to be legal. The decree which legalizes cryptocurrencies, initial coin offerings (ICOs) and smart contracts in Belarus will go into effect on March 28. Entitled “On the development of the digital economy,” it was signed by President Alexander Lukashenko on December 21, as news.Bitcoin.com previously reported.
“The decree entitles legal entities and individual entrepreneurs who are residents of the High Technology Park (the HTP) to perform operations with tokens (including cryptocurrency),” explained Iryna Chelyshava, an associate attorney at the Belarusian law firm of Vlasova Mikhel & Partners. “Others can use tokens in the territory of Belarus through residents of the HTP,” she elaborated on Jurist.
As is known, the HTP is a special economic zone with a special tax and legal regime in Belarus, analogous to Silicon Valley in the US. According to its website, 192 companies that develop software products and provide IT services to customers from 67 countries worldwide are residents of the park, 35% of which are enterprises with 100% foreign investments.
The park describes itself as “the main experimental site for the implementation of pilot projects,” including those based on cryptocurrencies. According to its announcement this week: “The HTP Administration draws your attention to the fact that Decree No.8 ‘On the development of the digital economy’ comes into force on March 28, 2018.”
“The new decree legalizes ICOs, cryptocurrencies, and smart contracts,” the HTP explained. It “does not imply any restrictions and special requirements for the operations of creation, placement, storage, alienation, exchange of tokens, as well as the activities of crypto exchanges and crypto platforms.” Furthermore, the park clarified:
“Activity such as mining, acquisition, alienation of tokens, carried out by individuals, are not entrepreneurial activities, and tokens are not subject to declaration. At the same time, until 2023, activities related to mining, the creation, acquisition and alienation of tokens are not taxed.”
Chelyshava explained that the decree provides the definition of tokens, cryptocurrencies, and smart contracts. “The definition given in the decree for cryptocurrency lists it as a version of the token,” she conveyed, adding that “for now the decree does not provide the criteria of cryptocurrency that would distinguish it from tokens.” As for smart contracts, the definition “is broad enough to encompass various approaches to the understanding of smart contracts that exist now,” she emphasized. For tokens, she wrote: “The decree does not specify the nature of the certain civil right, and therefore the concept of ‘token’ is provided with a high degree of flexibility.”
By making smart contracts legal documents, “Belarus becomes the first country in the world to legalize smart contracts at the country level,” the HTP noted.
Anton Myakishev, the head of Microsoft’s Belarus office, told Reuters that “the decree is a breakthrough for Belarus,” adding that “it gives the industry the possibility to make a leap forward in its development and allows foreign capital the possibility to come to Belarus and work in comfortable conditions.”
In summary this year 2018 apparently is the beginning of the democratization of blockchain-bitcoin, some countries, including their governments, have taken the first steps, which for some specialists is the democratization of the wealth generated by society, this wealth can be enjoyed by the majorities, that is, the one that produces them. Belarus takes a giant step allowing the economy in the cryptography line to move forward with this decree, as is Venezuela, Russia, India, among others, each one in its own reality, but moving forward, will it be the beginning of the end of the hegemony of the dollar in economic activities? You can give your opinion and leave your comments about it, it is in accordance with the measures taken by Belarus. It is waiting for new ads.
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