Belarus The token is continuing its efforts to woo crypto firms – by extending tax exemptions for miners and developers until 2025.
According to the Belarusian media outlet afnPresident Alexander Lukashenko signed a decree this week that will allow miners and other crypto business operators to do business in the country without paying value-added tax, income tax, or personal income tax.
The decree supersedes a previous iteration that required crypto firms and their employees not to pay taxes until the end of 2023.
The decree stipulates that companies involved in the “mining, manufacture, acquisition and disposal” of coins “by way of exchange for the Belarusian ruble, foreign currency, electronic money and/or other tokens” will be able to enjoy the exemption.
The law also notes that cryptocurrency mining and trading “by natural persons” is not considered a form of commercial activity. As such, transactions involving coins are not even required to be declared.
The Belarus government first began targeting crypto firms in 2017, when it created a special zone in Minsk named Hi-Tech Park. The park was designed for crypto mining firms. And in 2018, Govt. Several measures aimed at bringing foreign crypto firms into the country,
What are the crypto plans of Belarus?
The decree instructs the Hi-Tech Park management team to “create a concept” for “the development of the token sector – including taxation issues”. Lukashenko explained that this concept report should be submitted by July 1, 2024. It appears that the door is open for another possible expansion.
In March 2018, the nation Initiated a number of crypto-related measures, These include the legalization of business related to initial coin offerings (ICOs) and smart contracts.
The law also allowed owners and employees of foreign fintech firms to enter the country on visa exemption.