Today Belarus officially passed its crypto tax and accountancy laws.
Under the presidential decree all crypto-related business and trading will be legalized, a framework for accounting standards defined and a tax break until 2023 for profit and revenue derived from the industry will come into effect.
The nation of 9 million has joined the ranks of Estonia, Liechtenstein, Switzerland, Singapore and Malta, in a push to establish their country as part of a new digital economy which favors innovation over regulation in the crypto industry.
Belarus’ new crypto accounting standard may make the country the first to develop a comprehensive governance framework the crypto-blockchain industry.
The new framework brings to life the “Digital Economy Growth” plan that Belarusian President Alexander Lukashenko signed last December and is also part of a broader push to create a “blockchain Silicon Valley” in the Hi-Tech Park in the Belarus capital Minsk.
Write: Sara Bauer