While other countries go out of their way to enforce heavy regulations on cryptocurrency companies, Belarus has totally legalized all crypto activities in the country. The legalization of cryptocurrency came with the enforcement of the country’s presidential decree on the “development of digital economy.”
Because Belarus is aiming to be a global hub for IT and digital technology. The country hopes to garner investments from all over the world by attracting crypto companies with freedom of operation and other incentives.
The presidential decree was signed into law by Belarus President Alexander Lukashenko last December. It has legalized all crypto-related activities—exchanges, initial coin offerings (ICOs), mining, and the like.
The country also will not collect taxes on cryptocurrency related activities for the next five years. Companies and individuals mining, trading, or just investing in cryptocurrencies in general, will enjoy no taxes on their crypto derived income.
This perk is available to international crypto businesses as well. All businesses have to do is to register as members of the Belarus High Technologies Park (HTP). Members are given a special visa waiver as well as a temporary residence status in the country.
With the rest of the world giving crypto companies a hard time, we are expecting them to flock towards Belarus in no time. Only time will tell if this regime will turn out good for the country’s economy. If it does, then it may just inspire other countries to go down the same route.
Image from Alarmy