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Homepage / News November 24, 2017 97 views

President of Belarus Expected to Sign Decree to Legalize Cryptocurrencies

President of Belarus Expected to Sign Decree to Legalize Cryptocurrencies

President of Belarus Expected to Sign Decree to Legalize Cryptocurrencies

Regulation

A draft decree on the Belarusian Higher-Tech Park which would legalize cryptocurrencies is awaiting the president of Belarus to sign into law. Amongst other provisions, if the law is passed, cryptocurrencies and initial coin supplying (ICO) tokens will be authorized for circulation. In addition, exchanges can trade rubles for cryptocurrency, ICOs can be employed for financing, and mining will also be permitted by law in Belarus.

Also study:Local Japanese Government Considers ICO to Revitalize Area

Belarus’ Decree to Legalize Cryptocurrencies

President of Belarus Expected to Sign Decree to Legalize Cryptocurrencies
Alexander Lukashenko.

Belarus is a landlocked nation in Eastern Europe, located among Poland and Russia. The nation has a population of around 9.five million.

In 2005, Belarus president Alexander Lukashenko signed a decree to start an initiative to generate an IT-focused particular economic zone, equivalent to Silicon Valley in the U.S. The zone is referred to as the Higher-Tech Park (HTP). It is the only location in the country that offers tax advantages on a systematic basis. For example, HTP residents are exempt from income tax, value-added tax, land tax, and house tax.

In the summer of this year, a decree was prepared in order to facilitate the inflow of international investments and incorporate new technologies and innovations in the HTP. This draft decree, which has already been presented to Lukashenko to sign into law, involves provisions for cryptocurrencies and ICOs at the legislative level.

According to nearby news outlet Tut By Media:

The decree gives for the introduction into civil circulation of cryptocurrencies and tokens primarily based on the technologies of blockchain. A complete legal regulation is proposed so that HTP residents can offer crypto exchange services, exchange cryptocurrencies, attract financing via ICOs, [and] use cryptocurrencies and tokens in civil circulation.

President of Belarus Expected to Sign Decree to Legalize CryptocurrenciesThe decree will introduce “into the legal field not only cryptocurrencies but also the activities of the so-called miners,” the publication detailed, noting that it will then be “possible to legally develop main cryptocurrency mining centers in Belarus.” Offered the surplus and low expense of electrical energy in the nation, authorities think that crypto mining “will generate extra demand for electricity on a countrywide scale,” the news outlet conveyed.

“It is expected that Belarus will have a method for the exchange of real income for cryptocurrency, in fact, such exchange points will be legalized,” Priorbank’s Head of Digital Banking Sergey Lazyuk stated this week at the Sputnik press center. Priorbank is the largest private bank in Belarus. He added, “the republic would then be one of the world’s major countries in terms of cryptocurrency development.”

Igor Mamonenko, the CEO of a major Belarusian IT holding firm, the Belhard Group, commented on the legalization of cryptocurrencies in the country. The publication quoted him saying:

The maximum legalization is needed…The existing laws do not prohibit such activity straight, but it is required to reform the legislation so that it protects all participants.

Crypto Exchange Opening Soon

Belarus is also about to have its very first centralized crypto exchange. Set to launch in the spring of next year, this exchange “will be the very first in the territory of the Customs Union (Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan),” reported Russian government’s paper of record Rossiyskaya Gazeta. According to the exchange’s website, exrate.by, it will be:

The first centralized cryptocurrency exchange with the possibility of legal input and output of fiat funds…In addition to the common exchange and trade operations, the possibility of exchanging Belarusian rubles will be added to the exchange.

“The decree on the HTP will introduce particular legislative adjustments,” Lazyuk was quoted by a regional news outlet, Ej.by. Even though emphasizing that this concern is still below consideration, he mentioned cryptocurrency exchanges are anticipated to be legalized in Belarus. “Any men and women can exchange Belarusian rubles, not for dollars and euros, but for cryptocurrencies,” the publication detailed.

What impact do you consider the legalization of cryptocurrencies will have in Belarus? Let us know in the comments section under.


Images courtesy of Shutterstock.


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Published at Fri, 24 Nov 2017 ten:00:46 +0000

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