Belarus to Legalize Cryptocurrencies and ICOs

The Belarusian President Mr. Alexander Lukashenko is expected to sign a draft decree on the Belarusian high-tech park which will legalize cryptocurrencies in the Eastern European country.

This decree is part of a comprehensive effort to attract foreign investments into the nation’s High-Tech Park (HTP).  The HTP has been set-up as the one place where enterprises and investors can receive tax benefits which include exemptions to income and/or property tax.

When passed into law, the decree will enable HTP resident and stakeholders to legally provide cryptocurrency exchange services, attract funding through Initial Coin Offerings as well as make use of digital and cryptocurrencies as tokens in authorized circulation. The HTP will also permit cryptocurrency mining in the country.

The director of the department of e-channels maintenance and sales at Priorbank Mr. Sergey Lazyuk said “It is expected that Belarus will operate a system of the exchange of cryptocurrencies for real money”

The CEO of BelHard, Mr. Igor Mamonenko stated that it is very important that the country maximizes the legality and opportunities of cryptocurrencies. He says that even though the current laws do not prohibit the use or operations of crypto activities entirely, there is the need for laws to protect players in the field.

As at July of this year, the National Bank of the Republic of Belarus (NBRB), the country’s central bank created an information network platform based on blockchain technology. This network enables and permits any bank and non-bank financial institution to become owners of verifying nodes.