December 22th was a big day for a lot of crypto holders, traders and investors in Belarus. According to the state-owner media agency named BeITA, the official news say that the Belarus President Alexander Lukashenko finally signed a digital economy development decree that allows the use of emerging technologies like blockchain.
Aside from that, the decree offers significant tax incentives on most of the cryptocurrencies. As summarized by some sources, the decree basically boosts the development of the country’s High-Tech Park which is an economic zone that is about to become the biggest hub for tech and financial startups.
The reason behind this legalization is clear – Belarus wants to allow companies to work on smart contract development but also motivate investors to get in the rat race with cryptocurrencies. This would eventually trigger the entire market to additionally work on issues such as smart contract development, token issuance, cryptocurrency trading as well as mining.
According to the law, “Turnovers, profits (income, proceeds) from various operations with tokens are not recognized as taxable items until January 2023.”
Belarus attempted to incorporate blockchain as part of a transaction guarantee system since July 2017. The central bank chief Pavel Kallaur noted that the push is finally here and that the High-Tech Park will eventually serve as a place for a lot of new cryptocurrency businesses.
As he told BeITA, “As for cryptocurrencies, the Digital Economy Development Ordinance allows resident companies of the Hi-Tech Park to use cryptocurrencies for international deals. We are okay with that,”
Belarus is one of the most progressive countries seen from the crypto perspective. Their efforts will surely get noticed and the first results will probably show soon, in the forms of new companies and startups adopting the blockchain technology.
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