Belarus has legalized cryptocurrency mining and allowed to own and exchange tokens. A decree “On Digital Economy” has been signed by Belarusian president Alexander Lukashenko.
The goal, stated the president, is to create a platform that draws global IT companies to Belarus to open new businesses.
The decree opens a way for individuals to own, buy and sell tokens in exchange for Belarusian and foreign currency, as well as mine and give tokens away.
Cryptocurrency transactions involving individuals will not be deemed as entrepreneurial activity with profits not subject to tax until January 1, 2023.
According to Bloomberg, the move will offer tax breaks and legal stimulus for cryptocurrency operations. The decree will lay down a foundation for blockchain technology, used by bitcoin and other digital tokens, transforming Belarus into a global ICO hub.