Crypto Regulations in Belarus: Documents Set Rights and Responsibilities

Nov 30, 2018 at 16:01 // News
Author
Lana Smiley
All companies that are residents of the Belarus High Technology Park have received the regulator’s support.

On the last day of autumn, November 30, Belarus announced legal regulations for crypto-related businesses. All companies that are residents of the Belarus High Technology Park have received the regulator’s support.

The Park’s administration, along with the country’s National Bank, the State Control Committee, international experts and other bodies, has signed all the relevant documents making cryptocurrency legally supported. There are eight main points which will regulate cryptocurrency related activity.   

Cryptocurrency is Legal, but the Companies are to be Checked   

According to Decree No. 8 On Digital Economy Development, all cryptocurrency exchanges, mining operators, as well as all operations with mining tools. smart contracts, tokens, blockchain etc. are now legalized. Also, all operations with tokens will be exempt from VAT tax until January 1, 2023.   

On the other hand, the regulation demands all companies to comply with FATF requirements, have high operational standards and implement a system for combating money-laundering and criminal crypto-related activity. All that, along with the staff’s good reputation, financial asset origins and cybersecurity, shall be checked by the Belarus High Technology Park (HTP).   

The documents set a range of requirements and standards that every crypto company within the High Technology Park should comply with. These include identification and verification of all clients, risk management measures related to combating money-laundering and terrorism financing, the ability to freeze assets of individuals suspected of criminal activity, employment of AML Compliance Officer with corresponding skills and education.   

The documents also set financial requirements for HTP companies, specifies compliance points for cryptocurrency exchange operators, ICO holders, crypto-related specialists and staff, and data protection.   

Regulations Might Boost Digital Market Development in the Country      

The global crypto community greeted these regulations, naming them a unique approach to digital assets that might not only boost the cryptocurrency industry in Belarus but also incentivize other countries follow their lead.   

The rightful legal basis for supporting crypto-related businesses and progressive infrastructure might attract international companies to settle their operations in the country.