‘Bitcoin’ decree signed: Lukashenka set to attract world IT companies to Belarus

Belarus president Alyaksandr Lukashenka has signed the decree “On Development Of Digital Economy’.

Among the changes there are legalization of cryptocurrency, including bitcoin, in Belarus and creation, according to the government, of the most favorable conditions for the development of blockchain technology. Officials hope that the IT-industry will be one of the drivers of economic growth next year.

According to the president, the main goal of the document is to create conditions to attract world IT companies to Belarus, to encourage them to open their representational offices and development centers in Belarus and to make in-demand products.

According to top Belarusian businessman Viktar Prakapenya, high technology is nothing but ‘powder’, a new effective way of competition in the global economy, and ignoring would lead to ‘dying’.

The decree provides a list of 38 activities in the sphere of high tech, including:

– creation of neural networks and other algorithms in the specialized sections of artificial intelligence, the implementation of the results of these activities;

– development, maintenance, operation and implementation of control systems of unmanned vehicles;

– development of medical technology and biotechnology

– educational activities in the field of information and communication technology

– provision of services related to the creation and deployment of tokens

– cryptocurrency exchange

– mining, etc.

De-bureaucratization

The decree provides for the following simplification of operating conditions for residents of the Belarusian High Technology Park (HTP):

– cancelling a licensing procedure for opening accounts in non-resident banks;

– simplified procedure for e-money settlement;

– for HTP residents: opportunity to prepare primary accounting documents by sole authority when making business transactions with non-residents, etc.

Benefits

In addition, the benefits existing in the High Technology Park have been extended; new benefits have been introduced for a number of companies. In particular:

– reduced income tax rate (9%) and rate of payments to the Social Security Fund;

– exemption from income tax and VAT; instead, HTP residents pay 1% of gross profit to the HTP administration.

Economic entities are exempt from taxation of activities related to cryptocurrencies and mining.

Subsidiary liability canceled

In the event of a HTP resident bancruptcy, subsidiary liability cannot be imposed on the owner of his property, founders or other persons.

‘English law’

A resident of HTP is allowed to enter into the following agreements with third parties:

– convertible loan agreement;

– agreement on compensation of property losses;

– agreement on non-competition (with employees)

Blockchain and mining

The decree is expected to lay the groundwork for putting blockchain and cryptocurrencies into the Belarusian economy.

Legal persons have the right to create and deploy their own tokens in Belarus and abroad with the help of HTP residents; perform other token operations via cryptocurrency exchange operators.

According to the decree, mining, acquisition and disposal of tokens carried out by individuals are not considered as entrepreneurship activities.

IT? Visa free

Foreign nationals who signed an employment contract with a HTP resident have the right to work without working papers.

КА, belsat.eu