Belarus Implements Cryptocurrency Regulations
Belarus has joined the growing number of countries issuing regulations and guidelines to their local crypto industries. The tiny Eastern European nation has followed Malta’s example by launching its own regulatory framework. The High-Technologies Park (HTP) of Belarus proposed the detailed framework to the government.
This framework has given legitimacy to all cryptocurrency activities carried out in its technology parks. To this end, crypto mining, tokens, exchanges, smart contracts, and any other endeavor carried out in the industry now has an “accurate legal standing.” This is keeping in line with the Decree No. 8 law begun last December. Also, the DecNo. 8 was titled “On the Development of the Digital Economy,” and it gave initial coin offerings (ICOs) and cryptocurrency companies legal context.
In addition, a total tax exclusion will be handed out to all deals in the industry until 2023 at the least. By removing issues for firms involved in trading and their need to declare profits, the government hopes to aid the growth of the burgeoning crypto industry in the country.
Furthermore, the need for a greater amount of transparency makes up part of the regulations. Accordingly, crypto firms will have to reveal their management team and the recipients of any benefits that might be doled out.
Still, on the area of the team, the regulations require that “only extremely competent individuals in certain major technical positions” can be hired. Substantial notice is also given to “the purpose of Know Your Customer (KYC) regulations and the safety of user data with a benchmark that complies with the GDPR necessities laid down for the European Union.”
The HTP in Belarus is a special economic zone that runs on the “principle of extraterritoriality,” which means that companies located in any part of the country can make use of the HTP’s “sandbox-style advantages” just as long as they are registered with the park. The HTP, which was established to enhance digital innovations in Belarus, offers its members the advantage of leveraging a “special tax and regulatory environment to their benefit.”
According to local news outlets, the HTP published these regulations by working closely with the Financial Monitoring Department of the State Control Committee, the Belarus National Bank, international experts, and other relevant bodies.
Belarus has issued regulations for cryptocurrency activities in the country. The directives, which are seen as favorable, will give an “accurate legal standing” to the cryptocurrency sector of Belarus.
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