The Government of Belarus has made cryptocurrency operations legal in a special economic zone in the country, which has a special tax and legal regime.
A decree signed by Belarusian president Alexander Lukashenko allows companies in the High Technology Park (HTP) to use cryptocurrencies and tokens, offer services of crypto exchanges, and launch initial coin offerings (ICOs) to raise funds after March 28.
The bill will make Belarus the first country in the world with comprehensive regulation of businesses on the basis of block chain technology.
The HTP Administration announced earlier this week that Cryptocurrency activities related to mining, creation, acquisition and alienation of tokens will be tax exempt until 2023.
HTP, situated in Belarusian capital Minsk, enjoys a special economic status similar to Silicon Valley in the US.
According to its website, the Special Economic Zone comprises 192 companies that develop software products and provide IT services to customers from 67 countries. They are registered are residents of the Park. 35 percent of the enterprises are run with 100 percent foreign investments.
Other residents of Belarus, who are outside the HTP territory, can use tokens through residents of the HTP, legal news outlet Jurist quoted Belarusian attorney Iryna Chelyshava as saying.
The presidential Decree is aimed at the development of the former Soviet Republic's digital economy by regulating blockchain, cryptocurrencies, tokens, mining, smart contracts, and defining the legal status of such new subjects as crypto-platform operators and cryptocurrency exchange operators.
The rules of the Decree are unique, and is in some ways more advanced than even the most highly developed jurisdictions, according to Chelyshava.
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