Belarus has joined the growing number of countries issuing regulations for their local crypto industries. This tiny Eastern European nation has followed Malta’s example by launching its own regulatory framework. In a significant move, Belarus issues crypto regulations through its High-Technologies Park (HTP). The HTP proposed a detailed framework to the government. The goal is to bring clarity and legitimacy to the fast-evolving crypto sector.

This framework gives legitimacy to all cryptocurrency activities carried out in its technology parks. Crypto mining, tokens, exchanges, smart contracts, and other industry activities now have an “accurate legal standing.” This aligns with Decree No. 8, which started last December. Decree No. 8 is titled “On the Development of the Digital Economy” and provides legal context for initial coin offerings (ICOs) and cryptocurrency companies.

Additionally, the government will grant a total tax exclusion on all deals in the industry until at least 2023. By removing tax burdens and the need to declare profits, the government hopes to support growth in the crypto sector.

The regulations also demand greater transparency. Crypto firms must disclose their management teams and the recipients of any benefits distributed.

Regulations and Team Requirements at HTP

Still, regarding 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.” The benchmark must comply with the GDPR requirements established for the European Union.

The HTP in Belarus is a special economic zone that operates on the “principle of extraterritoriality.” This means companies anywhere in the country can use the HTP’s “sandbox-style advantages,” as long as they are registered with the park. The HTP was created to boost digital innovation in Belarus. It offers members the benefit of a “special tax and regulatory environment.”

Belarus has taken a notable step in regulating digital assets. Belarus issues crypto regulations. According to local news outlets, the HTP published these regulations after working closely with the Financial Monitoring Department of the State Control Committee, the Belarus National Bank, international experts, and other relevant bodies. This collaboration shows the country’s aim to align with global compliance standards. It also aims to bring more clarity to the crypto market within Belarus.

In conclusion

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. Belarus has recently issued crypto regulations aimed at providing clear and favorable directives for the cryptocurrency sector. These new rules establish an accurate legal standing for cryptocurrency activities within the country, which is expected to encourage further development and adoption of digital assets in Belarus. By clarifying the legal framework, Belarus is positioning itself as a supportive environment for crypto businesses and investors alike. The High-Technologies Park (HTP) of Belarus proposed the detailed framework to the government.

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