One of the most interesting news buried by yesterday's FUD, and massive Bitcoin dip, came from Belarus: Aleksander Lukashenko, Belarus President, just signed a law which makes cryptocurrencies not only legal, but also exempt from taxes.
Here are some of the most important points, according to a report summarizing this law, published by an IT company:
- a new type of tech park - actually called High Tech Park - will be established, as a hub for emerging startups and technologies
- blockchain and cryptos will be favored, but there are also provisions for AI, or even development of "unmanned vehicle driving systems"
- all these startups are exempt from taxes until January 2023
And here are the crypto-related gems:
- the mining activity of individuals, tokens purchasing and sale shall not be considered entrepreneurial activity
- tokens and revenues from operations with them shall not be subject to declaration by the individuals.
- turnovers, profits (income, proceeds) from various operations with tokens are not recognised as taxable items until January 2023.
This news coms on a bigger trend in the zone, where, for instance, Estonia launched an e-residency program a few years ago and plans to issue a state-owned crypto currency.
The law should come into effect in 3 months.
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