Belarus has officially legalized cryptocurrencies in a strategic move to attract foreign investment and reform its traditional Soviet-style planned economy.
Decree Signed by President Alexander Lukashenko
President Alexander Lukashenko signed a groundbreaking decree to legitimize cryptocurrency operations within the country.
In a statement reported by BelTA, the Belarusian news agency, Lukashenko emphasized:
"All intelligent and wise people understand the value of order and stability. They know how to achieve these goals—we’ve prepared a harbor for such minds."
Economic Context and Reforms
Sandwiched between Russia and the EU, Belarus has long struggled with bureaucratic inefficiencies and state-controlled enterprises, relying heavily on Russian subsidies. Under Lukashenko’s leadership, recent reforms aim to:
- Improve the business climate
- Stimulate economic growth
- Position Belarus as a hub for digital innovation
The new decree targets global cryptocurrency entrepreneurs seeking favorable regulatory environments.
Key Provisions of the Decree
- Legality of ICOs and Crypto Trading: Initial Coin Offerings (ICOs) and cryptocurrency exchanges are now fully legalized.
- Fiat-Crypto Exchange: Licensed exchanges can convert cryptocurrencies to traditional currencies.
- Tax Incentives: All crypto-related transactions are tax-exempt for five years.
- IT Sector Flexibility: Local IT companies can operate under select British legal frameworks, simplifying compliance for foreign investors.
Industry Reaction
Anton Myakishev, head of Microsoft’s Belarus office, told Reuters:
"This decree is a breakthrough for Belarus, propelling the crypto industry forward. It could draw significant foreign investment under more favorable conditions."
👉 Explore how global crypto policies are evolving
FAQs
Q: Why did Belarus legalize cryptocurrencies?
A: To attract foreign investment, modernize its economy, and reduce reliance on Russian subsidies.
Q: What benefits do crypto businesses gain under the new law?
A: Tax exemptions, fiat exchange access, and streamlined legal operations for five years.
Q: How might this impact global crypto entrepreneurs?
A: Belarus now offers a regulated yet flexible environment, appealing to those facing strict regulations elsewhere.
👉 Learn about crypto-friendly jurisdictions
Conclusion
By embracing cryptocurrencies, Belarus signals a shift toward economic liberalization—potentially reshaping its financial landscape and global investor appeal.
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