Yes, cryptocurrency has been legalized by Belarus government and it came into effect on March 28, 2019. The Belarusian President Alexander Lukashenko announced that a draft has been prepared which legitimizes cryptocurrencies, ICOs (Initial Coin Offering) and smart contracts. With this historical decision, Belarus has become the first country to legalize cryptocurrencies. This decree has been applauded by many governments and organizations worldwide.
Microsoft Belarus head Anton Myakishev said, “this act is a breakthrough for Belarus and opens new gates for foreign investments”. This decision has also opened possibilities for the other countries to consider enactment of cryptocurrency. On this historic announcement the Belarusian President also said that the country has been open for new changes and keen to bring economic reforms to contribute in the global economic development. Cryptocurrency enthusiasts and exchanges have welcomed this act, many are even considering to move their operations in Belarus.
According to a major cryptocurrency exchange CEO, “Belarus has set the precedent for other nations and has provided a haven for millions of traders who feared a crackdown on cryptos and ICOs in their country. Since the advent of Bitcoin in 2009, many countries have been pondering over its repercussions and legal implications, some nations have even banned it or naysayed it.” He also adds that, “cryptocurrency can be regulated just like the fiat currency and it just requires a rework in the existing legal framework, the biggest reason behind the reluctance towards cryptos is the fear of laundering. If the governments take proper measures and ensure high security on crypto trading, it can be easily avoided.”
The biggest respite that this act provides is the exemption of taxes on coin creation, storage, exchange, alienation or other crypto activities till 2023. As a result, the country is expecting a huge swarming of crypto enthusiasts apart from its own denizens. Apparently, it is also buckling up for this marathon and letting many blockchain developers to start their venture here. Belarus has its special economic zone (SEZ) which is called High Technologies Park (HTP), this park has been a hub of experiments for the new projects for Belarusian entrepreneurs. Now using this SEZ, Belarus is planning to build new cryptocurrency mining units and exchanges as well. This begets scope of emergence for new cryptocurrency developers and other crypto conducive services.
Being a tax-free market for cryptos, Belarus is soon going to be a hub of crypto developers and other service providers based on it. Many blockchain and cryptocurrency development companies have already started providing services to Belarus citizens and some are even ready to move their operations over there. It is a great opportunity for many startups and established organizations to firm their position in blockchain industry. There is relatively a great mirth in India as well since there is large number of cryptocurrency and blockchain developers here. The service providers in India have shown a great propensity towards this technology and have mastered each and every aspect of it. If you want to kickstart your cryptocurrency trade, you can find an ample amount of crypto service providers in India who offer affordable services with agreeable quality.
Technoloader is a top cryptocurrency and blockchain development company. We provide all services based on cryptocurrency which could help you setup your fully fledged crypto exchange. Our services include cryptocurrency mining, crypto trading platform development, ICO website development and marketing, MLM software development, whitepaper and smart contract development. We have served many clients across the globe and willing to take part in Belarus’ crypto evolution.
