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.

For more information, contact Roman Shpakovsky, Partner (roman.shpakovsky@vilgerts.com +375 29 3815163 (Telegram, WhatsApp, Viber).

December 22, 2017 by Roman Shpakovsky, Partner, Belarus

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