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*Request Network now live on Ethereum mainnet. Merchants can now accept ETH based payments and ERC20 soon after.*

*Cryptocurrency business is now legal in Belarus and tax-free*.

*Belarus is now officially a Leader in Crypto freedoms: сryptocurrency business is now legal in Belarus and tax-free*

The president with the decree “On the Development of the Digital Economy” gave the go-ahead signal on March 28th. The government is aiming to turn Belarus into a global IT hub to attract businesses and investors from outside the country. The decree included a clause that offers freedom and huge incentives for cryptocurrency companies to invest.

*Any Crypto-Related Trade is Tax-Free*

Being a former member of the Soviet Union, Belarus does not exactly have a stellar reputation in the West. However, the government is determined to change all of that. *They’re now officially a leader in crypto freedoms in Europe because of the decree*. There are official regulations in place to ensure that cryptocurrency will be used regularly in the country.

President Alexander Lukashenko first signed Decree №8 back in December 2017, but the decree only became effective on March 28th. The decree was created to develop friendly conditions for crypto businesses to thrive in Belarus’ digital economy. The decree does not have restrictions in place when it comes to the issuance, storage, and trading of digital currencies. The only thing that entrepreneurs and corporate companies with cryptocurrency interests have to do is to register as official residents of the Belarus High Technologies Park.

The new regulations include measures to simplify procedures regarding foreign trade and the hiring of foreign nationals by the residents of the Hi-Tech Park. Employees and investors in the HTP will not be required to apply for work permits. They will also benefit from a special visa waiver regime and will be granted temporary residence status in Belarus.

Conducive Regulations for Cryptocurrency Related Activities

The Belarusian government created numerous legal changes to the decree. They have implemented standards in making sure that cryptocurrencies will be officially included in banking and accounting concerns. The National Chart of Accounts has also been amended to keep up with the latest changes.

The central bank of Belarus is also involved in the changes. They will be in charge of overseeing the transition of commercial banks and financial institutions to add cryptocurrency to their internal accounting procedures. There are rules in place to prevent money laundering, financing terrorism, and funding weapons of mass destruction. Government officials are confident that the regulations they have put in place are a great tool for money laundering and that they have impeccable cybersecurity in the country.

A special Council for the Development of the Digital Economy was established in Minsk to keep up with the decree. The council will be in charge of coordination for the digitalization and development between the communication and information sectors of the government. Prime Minister Andrei Kobyakov is currently serving as council chairman. In addition to that, President Lukashenko discussed the possible creation and his support for a Ministry of the Digital Economy, with plans to develop it within the year.

Belarus to Ensure That Everything Goes Smoothly

“Belarus should become attractive for talented people and successful companies. Belarus has what it takes to develop artificial intelligence, big data, and blockchain technologies.” Said Belarusian President, Alexander Lukashenko on the country’s IT environment, December 2017.

President Lukashenko promised Belarusian people stability and non-interference when it comes to the IT industry. He also mentioned that he has no plans of slowing down anytime soon. He reminded entrepreneurs to still keep the state and its interests in mind even if new developments are happening rapidly.

Since the implementation of Decree №8, there has been a huge interest from various entities to invest in Belarus. The number of applicants for new residential registrations for High-Tech Park increased by a quarter within the first three months of 2018 alone. Residents are also given the freedom to work with 67 markets outside of the country.

While the decree has created wonderful conditions for foreigners to invest in Belarus’ IT industry, experts are still skeptical. They are concerned that the country will just turn into an offshore zone, albeit, one that’s friendly to cryptocurrencies. For now, residents are keen on finding out if they’ll be using bitcoin and other digital currencies to live their day to day lives soon.

*OmiseGo and Vitalik Buterin donated $1M to refugees* with quote: "We hope the fortunes made in the crypto space will lead not to extravagant lifestyles but to extravagant generosity."