Decree #8 was recently signed by the president of Belarus, Alexander Lukashenko, the decree, termed “On the Development of the Digital Economy”, fully legalizes all cryptocurrency related activities that take place in Belarus.
Belarus and its actions provide a positive push for the development of the crypto industry.
It’s quite surprising that Belarus, a country not previously known for its liberalism nor financial prosperity decided to take such a step towards aiding the cryptocurrency sector as a whole.
Following the signing of the decree, mining, smart contract issuances, cryptocurrency trading, and ICOs take on full legality. Additionally, legitimate regulations and frameworks have also been introduced by Belarus.
Another surprising aspect of the behind the decree is that cryptocurrency related businesses and Blockchain projects will receive tax cuts for the next 5 years (Jan 1, 2023). This also applies to individuals and companies based outside of Belarus.
Legitimate and sensible regulatory frameworks stemming from Belarus.
In connection to the decree, the Belarusian Ministry of Finance has also created new standards aimed at helping accounting practices accommodate cryptocurrency transactions and settlements.
This, accounting standard, as it can be called, effectively classifies cryptocurrencies based on their intended purpose. For example, tokens purchased by investors during an ICO, are classified as an investment. For accounting purposes, such investments are deemed to be either long or short term investments, depending on each individual case.
The nation’s Central Bank has also established procedures which dictate how digital assets should be handled in accordance with internal operations. This is to ensure that AML procedures are followed and that illicit activity financing is out of the question.
The following quite perfectly portrays the nation’s stance in terms of the Blockchain industry.
Belarus should become attractive for talented people and successful companies.
Alexander Lukashenko, President of Belarus.