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Belarus Launches New Crypto Accounting Standard; Will Legalize Activities This Month

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On March 28th 2018, Belarus will legalize crypto. It will also incentivize the development of ICOs and exchanges, with attractive tax breaks for new businesses. The move is being heralded as pioneering; the country will set itself up as the only country to have a set of laws and standards governing a fully-legalized crypto industry.

Setting the Standard

Cryptocurrencies are not legal tender at the moment in Belarus. However, the trading and exchanging of digital assets will be completely open, as long as the new accounting standards are met. We’ve summarized the regulations below:

  • Tokens from ICOs are referred to as investments, and should be classified as long-term or short-term, depending on whether their circulation exceeds 12 months.
  • Debits and credits for tokens must be recorded
  • Token purchases will be classified differently to mined currencies, again with stipulations on debit and credit classifications

The government has also decreed that data companies must disclose their accounting records, which include values, amounts and types. Interestingly, there is a stipulation in the regulations that says that any state-controlled crypto will be exempt from a number of these laws, which could imply that Belarus are gearing up to launch their own crypto – or are at least thinking about it.

Other than keeping a record though, people will be free to go about their business. There will be no regulations on storage, exchange or setups, which will create a very open market at a time when governments globally are adopting increasingly cautious and restrictive stances. Perhaps this move by the Belarusian government will generate business in the country, with firms and startups looking to escape the harsh conditions of their own countries. One thing is certain – March 28th will be a big day for Belarus.

Image Credit: Deposit Photos

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