Belarus recently announced the official legalization of cryptocurrency, becoming the world's first country to tax-free mining and trading. This major move has attracted the attention of the global cryptocurrency market and has also triggered deep thinking from all walks of life about the legalization of cryptocurrency at the national level. Let's take a deep look at the impact of this new policy on Belarus and the global cryptocurrency market.

The official legalization of cryptocurrency in Belarus means that the country will become a shining pearl in the world of digital currency. Under this new legal framework, cryptocurrency mining and trading will no longer be subject to taxation, providing a more flexible and preferential environment for investors and practitioners. This move will not only help attract more cryptocurrency companies and investors to settle in Belarus, but also help promote the development and transformation of the local economy.

In the past few years, the cryptocurrency market has been attracting much attention, and investors have joined this emerging field. However, due to the uncertainty of regulatory policies and unclear tax policies, the development of the cryptocurrency market in many countries has been hindered to a certain extent. Belarus's open policy has injected a shot in the arm for the global cryptocurrency market and provided a useful reference for other countries to explore cryptocurrency legislation.

From a technical point of view, tax-free mining and trading of cryptocurrencies will greatly promote the development of blockchain technology. As the underlying technology of cryptocurrency, blockchain has the advantages of decentralization and high security, but its application is restricted by regulatory policies. Belarus's open policy will provide a broader space for the research and application of blockchain technology, and is expected to promote the implementation and application of blockchain technology in more fields.

In addition to the impact on the technical level, the legalization of cryptocurrency in Belarus will also have a profound impact on the local economy and society. With the entry of more cryptocurrency companies, it will drive local employment growth and promote the flow and exchange of technical talents. At the same time, the implementation of the tax exemption policy will also attract more international investors and help the global development of the Belarusian economy.

In general, Belarus's formal legalization of cryptocurrency is a milestone move that will inject new impetus into the country's economic development and bring new development opportunities to the global cryptocurrency market. With the gradual implementation of this policy, we have reason to believe that Belarus will become a leader in the global cryptocurrency industry, set an example for other countries, and jointly promote the healthy development of the cryptocurrency market. Let us wait and see and witness the arrival of this new era.

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According to reports, Belarus has begun to legalize cryptocurrency, and mining and transactions are tax-free. This shows that Belarus aims to become a global IT center and attract entrepreneurs from all over the world with a business-friendly environment. Unprecedented freedom and generous financial subsidies will attract cryptocurrency companies here. Here are the details.

Cryptocurrency activities are tax exempt

Belarus once left a bad impression on Western countries because of its poor political reputation, but now they seem to be trying to impress Western businessmen. On Wednesday, Moscow’s close associate, also known as Europe’s last remaining dictatorship, became Europe’s leader, at least in terms of cryptocurrency freedom. Full regulation, legalization of the cryptocurrency space is already here.

Presidential Decree No. 8 signed by Belarusian President Alexander Lukashenko in December last year came into effect on March 28, local time, creating conditions for the development of the digital economy. Cryptocurrency business activities are thus legalized, including exchange services, ICOs, mining and smart contracts. The document does not restrict the issuance, storage and trading of digital tokens. Independent entrepreneurs in the cryptocurrency industry and Companies can operate anywhere in the world provided they register as residents of the Belarusian High-Tech Park (HTP).

Lukashenko's presidential decree provides preferential tax policies and economic subsidies for cryptocurrency companies, and relevant companies can enjoy these benefits before January 1, 2023. Companies involved in mining and the issuance and deployment of digital tokens do not pay taxes. This also applies to individuals who rely on cryptocurrency activities as a source of income, such as mining and cryptocurrency trading. Within the next five years, cryptocurrency companies registered in Belarus will not need to pay taxes even if they operate abroad.

This new regulatory detail simplifies the process of foreign exchange trading and hiring foreign employees at HTP. HTP employees and investors do not need to apply for a work permit. They will also benefit from a special visa exemption system to obtain temporary residence status in Belarus.

Comprehensive supervision

In addition to the presidential decree, there are other legal changes. This week, Belarus adopted a new standard aimed at adapting its accounting principles for cryptocurrencies. In the new regulations, it defines cryptocurrencies as “digital tokens” based on their acquisition and intended use. Relevant authorities also spelled out the information that cryptocurrency companies and entrepreneurs need to share. Corresponding changes have also been made to the state accounts.

The Central Bank of Belarus has also taken action. They began to strengthen supervision of commercial banks and other financial institutions and put forward new requirements for their internal management processes. According to a government announcement, this new regulation will legalize the prevention of illegal income, terrorist financing, and the proliferation of weapons of mass destruction. Officials said the supervision was to improve anti-money laundering measures and cybersecurity mechanisms.

Taking into account all the upcoming challenges, Minsk (the capital of Belarus) decided to establish a special committee for the development of the digital economy. Its responsibility is to coordinate digitalization processes and developments in the information and communications sector. The chairman of the committee is Prime Minister Andrei Kobyakov. In addition, President Lukashenko is also considering establishing a Ministry of Digital Economy, and this new national department is likely to be formally established this year.

Belarus makes the most of everything

Lukashenko has repeatedly mentioned that Belarus needs to learn how to profit from the development of information and communications technology. In December last year, the leader said that the country's IT industry needed new impetus. He insisted that Belarus needed to attract more talent and successful businesses. He believes that Belarus has all the resources to develop AI (artificial intelligence), big data and blockchain">blockchain technology.

Lukashenko said he had no intention of hindering the process, but he reminded entrepreneurs not to forget Belarus and national interests. “Let us fight for this land together, and I can guarantee that your work will be stable and uninterrupted,” he promised.

Since the signing of Presidential Decree No. 8, the Belarusian authorities have received a large number of registration applications from cryptocurrency companies. The Minsk government announced that the number of residents registered in HTP has increased by nearly a quarter this year, and residents here are currently scattered in 67 markets around the world.

Officially legalizing cryptocurrencies, mining and trading are all tax-free. Although this new regulation creates very favorable conditions for foreign investment and technological development, some people have pointed out that Belarus may be called another "sea zone", one that is not responsible for cryptocurrency. Friendly area.