Join Our Mailing List
Sunday January 29, 2023
Bitcoin (BTC) $23,450.28   Ethereum (ETH) $1,611.31
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Regulation

Belarus tax free high tech zone sets legal framework for ICOs

Published by CryptoNinjas.net
12/22/2017
Belarus tax free high tech zone sets legal framework for ICOs

Belarus President Alexander Lukashenko has signed the Decree “On Digital Economy Development” that legalizes ICO, cryptocurrencies and smart contracts. Adoption of the Decree makes Belarus one of the first jurisdictions with the overall legal regulation of businesses based on blockchain technology.

“The president has approved of the draft decree on the digital economy. The document has been discussed several times and today all the “i-s” have been dotted. I think the president will sign the document before the new year,” Belarus vice premier Vladimir Semashko said.

“Having adopted the Decree, Belarus becomes one of the world’s most comfortable jurisdictions for IT business. Besides, the country is creating favorable conditions for the development of blockchain technology and businesses based on it,” said Vsevolod Yanchevsky, Director of Belarus Hi-Tech Park.

The Decree does not include any restrictions or special requirements for the creation, issue, storage, sale or exchange of digital tokens, as well as operation of cryptocurrency exchanges and platforms. Individuals are exempt from personal income tax on the incomes from mining, acquisition, and sale of digital tokens; digital tokens shall not be declared.  Activities related to mining, creation, acquisition, and sale of digital tokens will remain tax-free until 2023.

To protect the rights of ICO participants, the Decree provides that a legal entity that creates and issues a digital token through a resident-company of the Hi-Tech Park shall meet the requirements for the holder of the digital token agreed during its creation and issue.

Denial of claims of a token holder on the grounds of lack of judicial grounds for obligation or its invalidity is not allowed.

By introducing smart contract into the jurisdiction and giving companies the right to use it in transactions, Belarus has become the first country in the world to legalize smart contracts at the country level.

“Smart contract may solve the fundamental problem of all humanity which is a failure to fulfill what has been agreed on paper. A computer program takes the function of a contract’s automatic fulfillment,” said Denis Aleinikov, Senior partner at the law firm Aleinikov & Partners, one of the main developers of the Decree.

Belarus Hi-Tech Park (HTP) is named the main ground for pilot experiments with digital tokens operations. Created in 2005 at the initiative of the President of Belarus, the Park has grown to one of the leading IT-clusters in Eastern Europe and CIS.

In addition to the significant expansion of the types of activities that HTP resident-companies can perform, the Decree introduces a number of English law instruments, namely, convertible loan, option and option agreement, non-competition, non-solicitation, indemnities.

Non-citizens who have work contracts with HTP resident-companies are granted a visa-free stay in Belarus for up to 180 days per year.

The Decree also prolongs tax benefits for HTP resident-companies till 2049.

10
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

No Content Available
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
Trust Wallet launches anticipated browser extension of its crypto management app

Trust Wallet launches anticipated browser extension of its crypto management app

11/14/2022
Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

01/24/2023
6 Best Cloud Mining Platform In 2022

6 Best Cloud Mining Platform In 2022

11/20/2022
Where Exactly Can You Spend Monero Cryptocurrency?

Where Exactly Can You Spend Monero Cryptocurrency?

10/20/2021
Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

01/24/2023
Crypto exchange Gemini launches new electronic OTC trading solution

Crypto exchange Gemini launches new electronic OTC trading solution

01/19/2023
Crypto securitization platform-GenTwo links to all Coinbase assets

Crypto securitization platform GenTwo links to all Coinbase assets

01/14/2023
Blockchain ecosystem ThunderCore teams with Huobi and MyCointainer in node expansion

Blockchain ecosystem ThunderCore teams with Huobi and MyCointainer in node expansion

01/05/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy