Bitcoin Forum

Belarus to Become the First Country to Incorporate Cryptocurrency Accounting Standards

Intending to use the global interest in digital currency to benefit the country’s budget, Belarus has officially presented information containing cryptocurrency accounting standards, as the recent document issued by the Ministry of Finance states. The document has outlined the ways of categorizing virtual coins that are obtained from organizations.

“Belarus is the first of the countries to give a comprehensive definition of the cryptocurrency sphere in the legal field,” - the CEO of Digital Finance says.

On March 28, 2018 the “Digital Economy Growth” bill, the main source of cryptocurrency regulation, will come into effect in Belarus. The document mainly tells us about a new High-Tech Park (HTP), which is to be the medium for crypto coins’ legalization.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/belarus-to-incorporate-cryptocurrency-accounting-standards/

https://coinidol.com/upload/iblock/f93/f93ce95631ecb696fd9314ee275c42d4.jpg

Entering cryptocurrency into accounting is really a serious step towards supporting cryptocurrencies at the state level. But I don't see the consequences. Belarus is under sanctions and I do not know how the company can officially sell cryptocurrency on the international exchange. Without an exchange for Fiat, there is no taxable item. I don't see how these rules can be applied in life.

Belarus is taking all these really serious. It means that they see the opportunity to boost their economy and it is the only right way of dealing with crypro nowadays

Great idea. I hope that other countries will join Belarus and implement accounting standarts for crypto!

Under international sanctions were, mainly state bodies and their structures. This document adopted the conditions and classification of the crypto currency in the course of accounting so that legal entities, including non-governmental entities, could formally conduct transactions and financial settlements in the crypto currency and they had no problems with the tax authorities and financial statements. This document is of great practical importance. I hope, other states will take it as a basis for the adoption of similar documents.

Great news, especially for the republic from the former Soviet Union, but we'll see the result of this  venture a little later. I doubt very much that there will be any real progress and the cryptocurrency ecosystem of Belarus start to develop quickly, but this step may become a good example for other countries of the commonwealth.

And all this is not just allowed,and is not subject to taxes. Pretty interesting look at the background of the General state of the country.

Talk about taking advantage of the situation. A tax exemption on the income earned via mining for 5 years is like good news for the miners. But the problem with this bill is they are giving a loophole for all of the cryptocurrency earners. They can simply classify their crypto earnings into income earned from mining cryptocurrency which is a bad thing overall for their country. This can even be a loophole for anyone who wants to cheat the taxation system of Belarus. They must re-visit this exemption in my own opinion.

really interesting development of things as Belorus is usually considered to be some sort of a testing ground for Russia
 in this regards shall we expect the same sort of regulation come in place there soon?
since there are many contradictory pieces of news coming from there hope the bill will put an end to all the speculations about banning/legalising cryptocurrencies in Belorus and Russia