Mo. Sep 25th, 2023

• Belarus is offering tax exemptions to crypto miners and developers until 2025.
• The decree allows firms involved in “mining, acquisition, and disposal” of coins to operate without having to pay taxes.
• In March 2018, the nation introduced several measures including the legalization of ICOs and smart contracts.

Belarus Extends Crypto Tax Exemptions Until 2025

Belarus is continuing its bid to woo crypto firms by extending tax exemptions for token miners and developers until 2025. President Aleksander Lukashenko this week signed a decree that will allow miners and other crypto business operators to do business in the country without having to pay value-added tax, income tax, or personal income tax.

High-Tech Park

The law also notes that cryptocurrency mining and trading „by natural persons“ are not considered a form of business activity. As such, transactions involving coins do not even have to be declared. The Belarus government first began to target crypto firms in 2017, when it created a special zone in Minsk named the High-Tech Park – designed to house crypto-mining firms. And in 2018, the government followed up with a range of measures aimed at bringing overseas crypto firms into the country.

Concept Report

The decree also instructs the High-Tech Park management team to „create a concept“ for the „development of the token sphere – including taxation issues.“ Lukashenko explained that this concept report should be submitted by July 1, 2024 which seemingly leaves the door open to another possible extension.

Legalization Of ICOs & Smart Contracts

In March 2018, the nation introduced a number of crypto-related measures. These included the legalization of initial coin offerings (ICO) and smart contract-related business.The law also allowed overseas fintech firm owners and employees to enter the country on visa waivers.

Tax Exemption Benefits All Crypto Firms

The decree dictates that firms involved in the „mining, creation, acquisition, and disposal“ of coins for „Belarusian rubles, foreign currency, electronic money and/or through the exchange of other tokens“ will be able to enjoy all these benefits from these exemptions..

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