Belarus announces regulations favorable to crypto companies

The country has the capacity to promote digital finance through its High Technology Park, launched in 2005, which consists of a special economic zone with a favorable tax and legal system for IT companies

Companies operating in the cryptocurrency ecosystem in Belarus have new favorable regulations, as indicated by High Tech Park (HTP) on Tuesday.

The country located in Eastern Europe launched its first Decree No. 8 on the digital economy in 2017 to introduce the corresponding legislation in order to position itself as an attractive scenario for cryptocurrency companies.

The decision led to the granting of legal status to tokens, smart contracts, transactions related to mining, commerce and distribution of digital currency. With respect to the regulations that will allow greater openness to crypto trade, it was known that the main objective is the protection of customer data as well as to avoid common crimes such as money laundering and fraud in cryptographic assets.

Among the positive measures are tax exemptions, which allow “a tax free treatment for all cryptography transactions and ICO until 2023, which makes it advantageous for cryptography companies to establish and operate in Belarus”, according to Decree No. 8. In addition, broader business standards for companies, which must comply with operational and reputation requirements, employee contracts, financial stability, auditing, among others.

To prevent crimes in the area, the country has optimized protection measures, positioning itself at the forefront of the fight against fraud of companies related to cryptography as well as money laundering. These actions will involve penalties by state authorities and additional ones for banks and payment services.

The client’s data will be protected through the implementation of protocols at the level of the General Regulation of Data Protection (GDPR) of the European Union. Companies should warn the client about the risks associated with cryptographic services and the importance of cybersecurity.


Source: Infocoin

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