When referring to the blockchain and the cryptocurrency center, the first thing people think of may not be the country of Belarus, but if the country’s president, Alexander Lukashenko, achieves its purpose, then the blockchain and The cryptocurrency center is the target that this country is likely to develop.

Despite the unwavering focus of the digital currency in 2017, blockchain technology is also in focus in opinion polls. Perhaps the most well-known application of this technology is its underlying technology that supports bitcoin and other cryptocurrencies, but it is really just the tip of the iceberg of its application.

The world's first case: Bitcoin, which enjoys tax exemption policy in the next five years, is implemented in Belarus

Its main features, such as the ability to provide permanent and immutable recording, mean that this technology can be applied in almost all industries. This is a potential global solution for mainstream companies, and this is one area where Lukashenko wants Belarus to participate.

The President of Belarus signed a Digital Economy Development Ordinance last Friday, which has enabled the country to participate in the wave of competition to become an international technology security zone. According to Bloomberg Technology, Belarus will soon provide cryptocurrency traders with legal incentives and tax breaks. In the five years from now until 2023, the country will be exempt from taxes on revenues and profits from cryptocurrency transactions.

Lukashenko said:

“The Belarusian government will be the first government in the world to open up a wide range of opportunities for the use of blockchain technology. We have the opportunity to become a regional hub in this area.”

Blockchain-based companies will also be legally recognized in the country. In addition, the Act details the approach that will be implemented to streamline the venture capital process between Belarus and other countries. This new legislation paves the way for Belarus to become an international ICO center.

Belarusian legislation recognizes all matters related to cryptocurrency, ICO, blockchain, smart contracts, etc.! !

The world's first case: Bitcoin, which enjoys tax exemption policy in the next five years, is implemented in Belarus

Not strange to technology

Even though these developments related to blockchain are new, Belarus’s fascination with the technology industry has been around for a long time. Mobile instant messaging and telephony applications Viber was developed in the country. Other Belarusian exports include EPAM Systems Inc. and Tank World, which are listed on the New York Stock Exchange, as well as online gaming platforms. The latter was founded by Victor Kislyi, which later became the country's first billionaire.

Lukashenko has always been known as the last "dictator" in Europe. Restrictions on companies mean that even if big companies like Alphabet Inc. are acquiring promising start-ups, venture capital has not yet flowed into financial innovation.

With the introduction of this new legislation, this situation will change, and the new legislation will pave the way for the country to become a reliable place for technology enthusiasts to achieve their plans.

Developing countries, starting with technology companies

This safe space, or sandbox, will be set up in the high-tech park. Lukashenko's new legislation is expected to help local companies integrate with major overseas software companies doing business in the park. The latter will result in a reasonably priced, highly skilled workforce and reduced taxes.

In the process of Lukashenko's transformation of Belarus into a “technical kingdom”, he was supported by technology companies, governments and central banks.

The world's first case: Bitcoin, which enjoys tax exemption policy in the next five years, is implemented in Belarus

First of all, to provide a clear legal framework

If this move is successful, then Belarus will be the first country to provide a clear legal framework for cryptocurrencies (even ahead of Russia). Denis Aleinikov's law firm Aleinikov and Partners assisted in drafting the decree, adding that there is now a legal link between the crypto token issuer and the person who buys and holds the crypto token.

The new legislation will also detail the important criteria that exchanges need to meet in order to minimize fraud. In addition, the new legislation will introduce smart contracts to increase efficiency.

Vsevolod Yanchevsky, head of the high-tech park, added:

“The content of the decree is exactly what our technology community hopes. Belarus will be one of the world’s most amicable jurisdictions for cryptocurrency and blockchain technology.”

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March 25, 2023