In an effort to attract the foreign companies, the Belarus government has legalized Cryptocurrency related activities and Initial coin offerings with tax-free benefit up to five years.
High-Tech Park (HTP), located in the capital city Minsk, is given unprecedented advantages to make it suitable for IT companies.
The major provisions are as follows:
The HTP special legal status extended till 2049. Businesses specializing in the following fields but not limited to can become residents.
- Blockchain, and distributed databases
- Artificial Intelligence
- Self-driving Vehicle systems
- Medical and Biotechnologies
- Business process outsourcing activities
- Software publishing and promotion
- Mining, Converting, Exchanging Cryptocurrencies
Rights of HTP residents:
- Operation with electronic money without any limitations.
- No permission needed from Belarussian National Bank to open accounts in foreign banks and to receive money in those accounts.
- Exemption from the VAT for some services provided to foreign entities and other HTP residents.
- Investments in terms of English Law are allowed.
- No need to get permissions to employ foreigners.
- No need to obtain a visa for staying periods not more than 180 days.
Provisions for Cryptocurrencies and Tokens put into circulation in Belarus:
- Can create own tokens with the help of HTP residents.
- Buying, Exchanging, and related activities shall be conducted through Cryptocurrency exchange operators.
- Not liable to declare revenues from Cryptocurrencies and token related activities.
- Individual activities on mining and token purchase or selling shall not be considered as entrepreneurial activities.
Above provision are only highlighted, and subject to change with time.
The Belarussian IT sector is vital for the economic growth. And the country is adopting the latest innovation and is hoping to gain on that.
Moreover, this is a boon for startups and business entities looking for a friendly government to establish their activities.
And this is a good sign that blockchain technology and Cryptocurrencies are here to stay.