Belarus Cryptocurrency Laws

Belarus and Cryptocurrency

Belarus Cryptocurrency Laws

Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology

Belarus has legalized cryptocurrency transactions.  In December of 2017, the Belarusian government adopted Decree No. 8 “On the Development of Digital Economy,” marking the country’s first formal law governing cryptocurrency and blockchain. [1]  The Decree came into force on March 28, 2018.  Subsequently, in November of 2018, the Supervisory Council of the Hi-Tech Park approved additional guidance relegation token-related activities.  

Exchange of Cryptocurrency

The decree permits selling, exchanging, and mining cryptocurrency. The exchange of cryptocurrency for fiat money must be approved by the National Bank.  Operators of cryptocurrency exchanges, however, are categorized as high-risk – much like operators of lottery games and casinos under Belarusian law.  [2] 

Decree No. 8 legalizes token releases and distribution for business funding purposes.  Decree No. 8 recognizes the right of individuals to carry out cryptocurrency mining activities; acquire tokens; and exchange, sell, donate, bequeath, and otherwise dispose of cryptocurrency.

Under the Decree, businesses operating in the High Technologies Park receive an exemption from taxation and pay only 1% of their turnover.  These terms are guaranteed through 2049.  Crypto platforms have minimum capital and other regulatory requirements.  

ICO operators in the High Technologies Park.  ICO registrants may seek authorization through an application process.  See here.   

Is cryptocurrency legal in Belarus?

Do you have questions about cryptocurrency, digital currencies, or blockchain technologyFreeman Law can help with digital currencies, tax planning, and tax compliance.   Contact us now or Schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.

 


[1] Decree of the President of the Republic of Belarus No. 8 of Dec. 21, 2017, http://president.gov.by/ru/official_ documents_ru/view/dekret-8-ot-21-dekabrja-2017-g-17716/, archived at https://perma.cc/S9UM-CKRG (in Russian).

[2] Premiere of Digits, Belarus is the First in the World to Comprehensively Legalize Cryptocurrencies, RG.ru (Mar. 26, 2018), https://rg.ru/2018/03/26/belarus-pervoj-v-mire-kompleksno-vvedet-kriptovaliuty-v-zakon.html (in Russian), archived athttps://perma.cc/X258-2T5A.