Belarus is continuing its efforts to attract cryptocurrency firms by extending tax exemptions for miners and developers until 2025. According to the Belarusian news station AFN, President Aleksander Lukashenko issued a decree this week allowing miners and other crypto merchants to operate in the nation without paying value-added tax, income tax, etc.
The presidential decree in Belarus modified a previous decree that stated thatcrypto firms and their employees would be exempt from paying taxes until the end of 2023. The regulation states that enterprises engaged in “mining, the development, purchase, and sale” of cryptos against “Belarusian rubles, foreign currencies, and electronic money” will be excluded.
Belarus Takes Big Steps Towards Crypto Freedom
The law also makes it clear that mining and selling cryptocurrencies by peopleare not considered business activities. As a result, crypto transactions do not even need to be declared. The government of Belarus began pursuing crypto entrepreneurs in 2017 when it established High-Tech Park, a special zone near Minsk. The park was created to accommodate bitcoin mining businesses. In 2018, the government responded with a slew of policies geared at attracting international crypto firms to the country.
Aleksander Lukashenko Aims to Improve Crypto Adoption in Belarus
The directive also mandates the high-tech park’s management team to “prepare a strategy” for the “development of cryptos, including tax issues.” According to Belarus’ president Aleksander Lukashenko, this concept report must be delivered by July 1, 2024. This appears to provide room for another prospective expansion.
The country implemented a variety of cryptocurrency-related policies in March 2018. The Legalization of ICOs and smart contract-related activity were among them. The bill also permitted owners and staff of foreign fintech firms to enter Belarus without a visa.
