New pro-bitcoin (BTC) decree – As of December 22, 2017, Belarusian President Alexander Lukashenko signed a decree authorizing companies to embrace cryptocurrencies, while exempting transactions related to them from taxes before January 2023. The country’s guideline concerning cryptocurrencies did not then not really moved over the years. In April 2019, Alexander Lukashenko announced his support for the development of a bitcoin (BTC) mining farm. And more recently, in February 2022, the Ministry of Finance introduced new provisions that will extend, until January 1, 2031, tax exemptions for entities working with collective investments in cryptocurrencies. And still in this line of pro-crypto measures, the Belarusian president has just signed a decree which once again promotes the development of the sector in the country.
Free circulation of bitcoin and cryptocurrencies: Belarus, a crypto-friendly country?
On February 14, 2022, the press service of Belarusian President Alexander Lukashenko announces the signing of a decree which aims in particular to protect cryptocurrency investors from potential losses.
The statement highlights Belarus’ favorable position towards cryptocurrencies, allowing their “free circulation”.
In March 2021, Alexander Lukashenko had however hinted at a tighter regulations cryptocurrencies, in order to control their use in the country. In January 2022, Belarusian officials, however, indicated that Minsk had no intention of adopting stricter rules in this area.
The decree entitled “On the register of addresses of virtual portfolios and the circulation of cryptocurrencies” would also have the objective of “preventing any involuntary participation to activities prohibited by law.
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Belarus defines a legal framework for its “Silicon Valley”
Thanks to this decree, the High-Tech Park of Belarus now has a legal basis which will allow it to establish and manage a register of addresses of cryptocurrency wallets linked to illegal activities.
This Park, often called “Belarusian Silicon Valley”, is in charge of managing the special legal regime that has been put in place to facilitate the development of information technologies, including cryptocurrencies, in the country.
The decree further specifies the process and standards for data entry cryptocurrencies from criminals by government authorities.
The country’s Council of Ministers now has three months from the date of publication of the decree to adopt the appropriate measures necessary for its application.
Will this willingness of Belarus to promote the development of cryptocurrencies in the country inspire its ally, Russia? The Russian central bank had called for a ban on cryptocurrencies, but the institution will not see its wish come true. Russian President Vladimir Putin has indeed asked the institutions concerned to agree on regulation of the sector.
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