4/13/2023 0 Comments Who owns cryptoheaven![]() But, as previously noted, in a country like Belarus, legislation and regulations can be revoked or changed overnight and without prior notice. The Decree and associated regulation sound extremely liberal, indeed. Although, the Decree clearly states that government agencies are responsible for overseeing the application of anti-money laundering (AML) and terrorism-finance-prevention policies, the exclusion of tokens from these provisions may prevent Belarus HTP-based companies from opening bank accounts in the EU, US, or other jurisdictions that follow stricter AML and KYC (“Know Your Client”) policies.įinally, foreign individuals who are employees or founders of an HTP-based company do not need to obtain a visa or work permit to enter or work in the HTP. In short, this means any type of ICO can legally be held by an HTP-resident company.įourth, Paragraph 4.2 of the “Crypto-Decree” states that “Tokens are not considered to be funds in the meaning defined by legislation on the prevention of the legalization of proceeds from crime, financing of terrorist activities, and financing of the proliferation of weapons of mass destruction”. Mining, operating a cryptoplatform or crypto-exchange, and other activities using tokens will not be considered banking activities. Third, according to the Decree, legislation on securities, securitization, and requirements for licensing professional and stock exchange activities in securities do not apply to relations (activities, operations) of residents of the HTP using tokens. Activities like ownership, acquisition, or sale of tokens carried out by individuals independently without the involvement of other individuals in labor and (or) civil-law treaties will not be considered business activity and tokens are not subject to declaration. Individuals have the right to own tokens and to perform the following operations: mining, storing tokens in virtual wallets, exchanging tokens for other tokens, acquiring tokens, exchanging tokens into Belarusian rubles, foreign currency, electronic money, as well as giving and bequeathing tokens. Legal entities have the right to own tokens, to create and place their own tokens in Belarus and abroad, and to keep tokens in virtual wallets. Second, Belarus will not limit token operations. The good news is a foreign individual or company can own up to 100 percent of an HTP-resident company. Instead, they pay a quarterly tax of 1 percent of their turnover (gross income minus some exceptions), including income from any token sales. Residents of Belarus HTP pay zero profit tax and are not subject to VAT. Nevertheless, the new legislation is worth a look.įirst off, the so-called “Crypto-Decree” applies only to residents (both natural and legal) of the Belarus High Technologies Park (HTP), a free economic zone in the capital city of Minsk specifically dedicated to high-tech, ITC, and biotech companies. Operating in and from Belarus can, therefore, be risky. The country’s authoritarian presidential system of government also means that any piece of legislation can easily be revoked or changed on very short notice.īelarus is not a member of the European Union or the World Trade Organization, it maintains friendly political, economic, and military ties to Russia, and is not recognized by the Western World as a free and democratic state. Anything you do may be considered illegal unless it is explicitly permitted by a law or administrative decree. Put simply, it is based on permission and authorization, rather than assumed legality. But will Lukashenko’s decree turn Belarus into Europe’s “crypto-heaven”?īefore anyone gets too excited, it is important to remember that the Belarusian legal system is unlike the legal system of a democratic country. “Europe’s Last Dictator” Wants to Make Belarus Crypto-HeavenĪiming to attract blockchain and cryptocurrency business to out-of-the-way Belarus, the country’s authoritarian President Alexander Lukashenko has just signed a decree “On the Development of the Digital Economy” that legalizes a number of blockchain- and cryptocurrency-related activities and moves Belarus to the forefront of countries embracing these new technologies.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |