As governments all over the world are cracking down on crypto activity and regulating ICOs, the government of Belarus has decided to take an alternate route. With its new decree, Belarus now becomes one of the most open minded, and supportive nations concerning cryptocurrencies. On March 28th, President Alexander Lukashenko issued a decree which permits all cryptocurrency related activity within the country’s borders. The law supports all of the different aspects of the industry including Crypto exchanges, Initial Coin Offerings, Cryptocurrency mining, and Blockchain services. This decree, makes Belarus the first nation in the European continents to fully and completely legalize cryptocurrency activity. Furthermore, it was only signed to last through 2022, not indefinitely.
One of the most interesting facts about the decree is that it will exempt taxes from all cryptocurrency related activity and business! Most countries, including the United States, have been all over crypto enthusiasts, making sure they pay taxes on all of their capital gains. This provides an incentive for more individuals, locals and foreigners, to pursue crypto related business opportunities in Belarus. The decree will further trigger an increase in mining rigs, ICOs, exchanges, and even crypto related businesses. In order to fully take advantage of the new laws, companies will need to register with the Belarus High Technologies Park. Anyone who registers, will receive tentative residence permits, and a special visa.
Most countries regulate for security and efficiency, Belarus decided to unregulate to improve those things. Belarus believes that by applying these rules, the country will strengthen their measures for anti-money laundering, illegal incomes, and terrorism financing. By having everyone involved in Crypto registering with the government, and doing so because of tax incentives, the government believes it will have a better grasp of crypto activities along its borders.