Key Takeaways
- The President of Belarus has formalized the rules for crypto banks through a new decree.
- Only companies located in the High-Tech Park and registered with the National Bank can operate as crypto banks.
Belarusian President Alexander Lukashenko has signed a decree establishing a legal framework for crypto banks in the country.
The decreeissued on Friday, aims to establish Belarus as a hub for financial technology, specifying that crypto banks are joint-stock companies that are allowed to integrate traditional banking and payment services with activities involving digital tokens.
According to the new regulations, only companies located in the Belarusian High-Tech Park (HTP) and registered with the National Bank are eligible to operate as crypto banks. HTP offers a special economic zone with clear tax and legal benefits.
These institutions must also follow the regulations for non-bank credit and financial institutions and adhere to the decisions of the Supervisory Board of the High-Tech Park.
Belarus was one of the first countries to create a legal framework for crypto activities, including smart contracts, mining and exchanges. Under a 2017 decree, mining and trading were declared tax-free for individuals, eliminating the need to declare crypto income.
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