Belarus President Alexander Lukashenko has signed a string of new regulations on cryptocurrencies into law. The new regulation, which came in the form of a presidential decree, covers digital tokens, cryptocurrencies, ICOs, cryptocurrency exchanges, and smart contracts.
Foreign Investors Targeted
The law is clearly aimed at attracting foreign investors by granting tax exemption to projects involving digital tokens. The decree also offers generous concessions to companies operating within Minsk’s high-tech IT park.
These include the ability for companies to operate under English law rather than local law, whilst paying zero corporate tax and reduced personal income tax.
Companies operating in the IT park will be able to bring foreign workers into the country without the need to obtain formal work permits.
Over the past month, regulators in several countries including Israel, Estonia and South Korea, have now taken steps to attract entrepreneurs and investors operating in the crypto and blockchain economy.
Belarus appears to be attempting to position itself in the race for first-mover advantage as one of the world’s premier crypto-hubs. The new legislation has comes less than 24 hours after the Russian Duma announced it was introducing a draft bill which will be submitted for approval on 28 December.