Cryptocurrencies in Belarus are not prohibited. Moreover, Belarus turned out to be one of the few countries in the expanse of the former Soviet Union countries, which adopted the law on cryptocurrencies.
The President of the Republic took a course on the development of the digital economy and kept his promise: the law on cryptocurrency in Belarus was adopted in November 2018.
The regulatory standards were developed by the High Technologies Park, the National Bank, the Financial Monitoring Department and international experts.
What made in Belarus for the legality of Bitcoin and digital money?
- Legalized exchanges, exchangers, blockchain, mining, tokens, prescribing them definitions in the Decree on the development of the digital economy.
Developed detailed rules for the activity of cryptocurrency companies and adopted them. The adoption marked the emergence of full cryptocurrency regulation in Belarus.
In the same Decree, cryptocurrency companies were exempted from value added tax and income tax up to 2023.
Formulated the requirements for cryptocurrency companies and fixed them in law. The list includes compliance with operational requirements, regular checks of the staff’s reputation and financial condition of the company, cybersecurity and source of funds, availability of AML system.
Identification and verification of clients were required, which is already the norm for most of the world jurisdictions in which crypto exchanges operate.
Requirements for the authorized fund - from 2 million Belarusian rubles for companies, and for ICO operators a little lower - at least 500 thousand.
Companies must report suspicious customers and block suspicious transactions or refuse to conduct them.
International experts highly appreciate the experience of Belarus in creating regulatory standards. Neither cryptocurrency nor ICO in the country is prohibited. The turnover of Bitcoin and other cryptocurrencies is absolutely legal. At the same time, legislation protects clients and countering terrorism and money laundering according to international standards.