In Belarus, bitcoin goes legal.
Bitcoins and other cryptocurrencies and tokens are legal and tax-free:
- High-technology Park residents (HTP residents) can buy and exchange tokens, and perform other operations using tokens;
- Cryptocurrency exchanges and cryptocurrency exchange operators will appear (detailed regulations are expected);
- Individuals can mine, exchange, convert tokens to “fiat” Belarusian rubles;
- Tokens and revenues from operations with them are tax-free until January 2023, including VAT.
Elements of “English law” may be applied by HTP residents, such as:
- Convertible loan agreements;
- Agreements on granting right of first refusal to execute contracts;
- Non-compete and non-solicitation agreements;
- Irrevocable powers of attorney.
HTP residents are also allowed:
- To conduct operations with e-money without limitations;
- To open accounts in foreign banks;
- Unilaterally sign accounting documents related to transactions with foreign companies;
- Payments from residents of HTP for marketing, advertising and consulting services are VAT-free;
- No withholding tax on income from the sale of shares in HTP resident, as well as royalties, earnings from advertising services and other kinds of income, paid by HTP residents.