On December 21, President of Belarus Alexander Lukashenko signed the decree on “Development of digital economy”, which creates a legal framework for ICO, cryptocurrency and introduction of smart contracts.

“Belarus is now the world’s first jurisdiction with a complex legal framework for regulating blockchain-based businesses. The decree provides for no restrictions and special requirements to creating, placing, storing, expropriating or exchanging tokens and to the activity of crypto platform and cryptocurrency exchange operators.

Mining, purchase and expropriation of tokens by natural persons is not a business activity and tokens are not required to be declared,” reads the comment to the decree, published on the official website of the Belarus President.

It is worth noticing that mining, creation, purchase and expropriation of tokens will not be taxed until 2023.

19.12.2017 | 16:47 Europe signals it is time to regulate Bitcoin

Alexander Lukashenko held a meeting with representatives of the country’s business circles and attached importance to introduction of the latest financial tools and technologies.

“The world’s leading economies are still only looking closely at this new phenomenon. As a matter of fact, Belarus is the first state to open wide possibilities for the blockchain technology. We have every chance to become the regional center of competence in this area,” said the Belarus President.

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