The decree to legalize cryptocurrencies, initial coin offerings (ICOs) and smart contracts enters into force in Belarus on 28 March. The decree titled “Development in the digital economy” was signed by Prime Minister Alexander Lukashenko on 21 December.
A belarusian law firm Vlasova Mikhel & Partners‘s attorney Iryna Chelyshava said in a statement:
“This decree is for those working in the high-tech park (the HTP). empowers legal entities and individual entrepreneurs to carry out their transactions with coins. People living in Belarusian territory will be able to use their coins through individuals and companies in HTP.”
HTP (High Technology Park) Similar to Silicon Valley in America, Belarus a special economic zone with a special taxation and legal regime located in. According to their website, 192 companies that develop software products and provide IT services to customers from 67 countries around the world are currently in the park.. And 35% of these companies are operating with 100% foreign investment.
Park himself is “An important testing ground for the implementation of pilot projects ”, especially for projects based on cryptocurrencies. In the announcement it made this week:
“The HTP administration draws your attention to the fact that the decree number 8 ‘Development in the digital economy’ will enter into force on 28 March 2018.”
Unrestricted and Tax Free
According to HTP’s statement, “the new decree is defined as the legalization of ICOs, cryptocurrencies and smart contracts”, but moreover, thanks to this decree, creation, All prohibitions and special grounds in transactions such as placement, storage, alienation and coin exchange are lifted and this applies to transactions in crypto markets and crypto platforms.. In the statement made by HTP:
“Mining, supply and alienation of coins are not venture-related activities and coins are not subject to any declaration.. At the same time, mining, supply and alienation transactions in coins until 2023 are not taxable.”
Chelyshava decree that coins, cryptocurrencies saying that it defines currencies and smart contracts:
“The definition given for cryptocurrencies in the decree lists it as a type of asset. But for now, the decree does not provide these privilege criteria for cryptocurrencies.. The definition for smart contracts, on the other hand, is broad enough to enable us to understand the existing smart contracts from different perspectives.”
On the subject of coins:
“The decree is based on some civilian contracts. does not specify the nature of the rights, so the concept of “coin” has a high degree of flexibility.”
Legalizing smart contracts at the Belarus country level by making smart contracts legal papers It was recorded as the first country.
Microsoft‘s Belarus office manager Anton Myakishev’in Reuters‘ in a statement:
” This decree is a turning point for Belarus. In this way, a great progress has been made in the development of the industry.. It also allowed foreign capitals to come to Belarus and work in a comfortable environment.”
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