Belarus Legalizes Cryptocurrency Transactions, Tax Free for 5 years

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The president of Belarus, Alexander Lukashenko, signed a Decree on Friday, Dec 22 which legalizes cryptocurrencies, Initial Coin Offerings (ICO), and smart contracts. The income generated from crypto transactions and related income, including mining, will be tax-free for next five years until January 1, 2023.

President announced on Friday that the decree “On the Development of Digital Economy” has been signed. He mentioned,

“the main goal of the document is to create such conditions that global IT companies would come to Belarus, open their representative offices, development centers, and create popular products in the world.”  

The decree also legalizes cryptocurrencies, ICOs, and smart contracts.

Also, as reported by news.bitcoin.com in November, there would be a launch of first Belarusian exchange in spring of next year. 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 standard exchange and trade operations, the possibility of exchanging Belarusian rubles will be added to the exchange.”

 

PS: cnn.com was the first website to report about this update in crypto ecosystem. (Link)

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