Belarus legalizes crypto-currencies: No fees, no permissions

Belarus legalizes crypto-currencies: No fees, no permissions

Belarusian decree concerning cryptocurrency adopted late in 2017 came into into force on March 28.

Belarusian decree "Development of Digital Economy" came into force on March 28.

The decree was signed on December 22, 2017 by the President of the country Alexander Lukashenko.

The decree clearly regulates most of the processes connected to cryptocurrency using.

Belarus does not forbid anything! Everything is allowed!

The first decree's principle — mining is not considered as business, as well as any other activity related to creation, buying/selling or exchanging of cryptocurrency. This means that any person who wants to mine bitcoins should not be registered or receive permission. And furthermore, the savings in cryptocurrency do not need to be declared.

The second aspect is tax exemption. Miners and exchanges, who convert cryptocurrencies into Belarusian rubles, are exempt from taxes.

If you want to be engaged in mining, it is not necessary to have the status of Belarusian resident. According to Lukashenko, the main goal of such law is to stimulate high technologies development:

"Naturally, life is changing. Even at the beginning of last year we could not talk about any kind of mining, blockchain and this new cryptocurrency. And already today it becomes a reality. Therefore, life and legal and regulatory framework will change, of course."

Source:

http://eng.belta.by/economics/view/belarus-digital-economy-development-ordinance-comes-into-force-110412-2018/

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