The decree signed by Belarussian President Alexander Lukashenko, which legalizes cryptocurrencies, initial offers of currencies and smart contracts, will come into force in March. The cryptocurrency activities are not restricted by the decree and will be exempt from taxes until 2023.
Soon legal
The decree that legalizes cryptocurrencies, initial offers of currencies (ICO) and smart contracts in Belarus will enter into force on March 28. With the title "On the development of the digital economy", it was signed by President Alexander Lukashenko on December 21, as news.bitcoin.com previously reported.
"The decree authorizes the legal entities and individual businessmen who are residents of the High Technology Park (HTP) to carry out operations with tokens, including the cryptocurrency," explained Iryna Chelyshava, associate lawyer of the Belarusian law firm Vlasova Mikhel & Partners. "Others can use tokens in the territory of Belarus through the residents of the HTP" he explained in Jurist.
The HTP is an economic zone with a special fiscal and legal regime in Belarus, similar to Silicon Valley in the US. According to its website, 192 companies that develop software products and provide IT services to customers in 67 countries around the world are residents, 35% of which are companies with 100% foreign investments.
It describes itself as "the main experimental site for the implementation of pilot projects," including those based on cryptocurrencies. According to your announcement this week:
"The HTP Administration draws attention to the fact that Decree No. 8 'On the development of the digital economy' enters into force on March 28, 2018."
No to restrictions and taxes
"The new decree legalizes ICOs, cryptocurrencies and smart contracts," explained the HTP. "It does not imply any restrictions and special requirements for the operations of creation, location, storage, alienation, exchange of tokens, as well as the activities of encryption exchanges and cryptographic platforms." He also clarified:
"Activities such as mining, acquisition and transfer of tokens made by individuals are not business activities, and tokens are not subject to declaration. At the same time, until 2023, activities related to mining, the creation, acquisition and transfer of tokens are not taxed. "
Chelyshava explained that the decree provides the definition of tokens, cryptocurrencies and smart contracts. "The definition given in the decree for the cryptocurrency lists it as a version of the token," he said, adding that "for now the decree does not provide the cryptocurrency criteria that would distinguish it from the tokens." As for smart contracts, the definition "is broad enough to cover several approaches to the understanding of smart contracts that exist now," he said. For the tokens, she wrote:
The decree does not specify the nature of the certain civil law, and therefore the concept of token is provided with a high degree of flexibility.
By making smart contracts with legal documents, "Belarus becomes the first country in the world to legalize smart contracts at a national level," the HTP said.
Anton Myakishev, head of Microsoft's Belarus office, told Reuters that "the decree is an advance for Belarus," adding that "it gives the industry the possibility to take a step forward in its development and allows the capital abroad the possibility of coming to Belarus ", and" works in comfortable conditions ".