Belarus now regulates blockchain and cryptocurrencies

Belarus now regulates blockchain and cryptocurrencies

Photo: Genesis Mining Youtube channel

The decree on Digital Economy in Belarus creates conditions for the introduction of blockchain technology into Belarus’ economy. It also sets framework conditions for using tokens and crypto-currencies.

Legal entities have the right to create and place their own tokens in Belarus and abroad through High-Tech Park residents, acquire, dispose of tokens and perform other transactions through the exchange of crypto-currencies and crypto-currency exchange operators.

Individuals have the right to own tokens and perform the following operations with them: mining, storage, exchange, acquisition, sale for Belarusian rubles, foreign currency, and electronic money, as well as donate and bequeath tokens.

It is established that the activities of mining, acquisition, alienation of tokens, carried out by individuals, are not considered entrepreneurial activities.

Participants of relations connected with the use of tokens are granted tax and other privileges and preferences.

Tax benefits have been introduced for transactions involving crypto currencies.

Economic subjects are exempt from taxation of activities related to crypto-currencies and tokens, including mining, in particular, when it comes to the exchange of tokens (crypto-currency). 

The exemption applies to income tax, VAT, simplified taxation system and personal income tax.