[2018-01-05] Belarus To Legalize ICOS & Cryptocurrencies Make Them Tax Free

[iamTom123]

In a radical move, Belarus President Alexander Lukashenko aims to make Belarus an international “sandbox” for companies dealing with blockchain technology and cryptocurrencies, offering a favorable climate for ICOs, tax breaks, and legal incentives.

Belarus isn’t a stranger to the world of tech — having produced such companies as call-making and mobile IM app Viber, and smash hit gaming platform World of Tanks, which made its founder Victor Kislyi the country’s first billionaire. It now seeks to expand further into the world of tech, loosening some of its restrictive business regulations and downplaying its repressive reputation, in hopes of making the country an international tech refuge for cryptocurrency and blockchain advancement.

A presidential decree signed last week makes it clear that Belarus wants to become the go-to global center for raising funds by way of initial coin offerings. In addition to legalizing blockchain based business and all digital tokens, under the new law revenue and profit from any operations using digital tokens would not be taxable until 2023.

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I am sure that the whole cryptocurrency community is welcoming this good news and with this kind of environment in Belarus which is more than friendly to this burgeoning yet still fledgling industry there will be more locators and players trooping to Belarus to have a stake in what the country is offering. While we are always hearing news of different countries making it hard for the cryptocurrency to survive and flourish, we now have some select countries that displayed the better mindset and treatment towards cryptocurrency...these countries are seeing this new innovation as a big opportunity rather than a threat to their economy and political stability. Miners and other fintech companies should now start planning to relocate to Belarus and make it the best and the most well-known crypto-hub in that region.

Thanks to Belarus President Alexander Lukashenko and his whole government for displaying such an open-minded and advanced kind of thinking. May your tribe increase, sir! Long live, Belarus! Long live, Bitcoin!

[squatter]

A presidential decree signed last week makes it clear that Belarus wants to become the go-to global center for raising funds by way of initial coin offerings. In addition to legalizing blockchain based business and all digital tokens, under the new law revenue and profit from any operations using digital tokens would not be taxable until 2023.

Very smart move on Lukashenko's part. This bodes well for global regulatory matters. I'm sure that the Belarusians wouldn't make such a move if the Kremlin were likely to move against them. I'm still hoping that the rush to secure position in the cryptocurrency markets will prevent any coordinated attack by governments against Bitcoin and other cryptocurrencies. Only time will tell.

The more we see countries follow Japan, the more likely that cryptocurrency usage becomes normalized in society. If Russia followed in Belarus' footsteps here, that would be a real game changer.

[partysumo]

This is an interesting approach to secure more investments. It's pretty clever of Belarus to create a crypto version of tax havens and try to legalize and regulate the crypto money instead of trying to ban it and chase people away. Good on Belarus, and congratulations for making a rare and correct decision when it comes to cryptos.

[veleten]

a wise move on behalf of Lukashenko and Belarus is going to be perfect as a cryptohaven
another good perspective is that Russia may follow the suit and finally regulate cryptocurrency
effectively adding around 150 mil + potential bitcoin users
Belarus is often considered testing grounds for Russia if we speak about economy
and the example of the neighbouring Estonia and its e-residency,which proven to be a success
could see both Belarus and Russia as next cryptocurrencies hubs
mind you Russia is the home of ETH creator so do not look down at their capability to create groundbreaking,technologically advanced stuff
lets see how it develops,though
 

[greeklogos]

A presidential decree signed last week makes it clear that Belarus wants to become the go-to global center for raising funds by way of initial coin offerings. In addition to legalizing blockchain based business and all digital tokens, under the new law revenue and profit from any operations using digital tokens would not be taxable until 2023.

Very smart move on Lukashenko's part. This bodes well for global regulatory matters. I'm sure that the Belarusians wouldn't make such a move if the Kremlin were likely to move against them. I'm still hoping that the rush to secure position in the cryptocurrency markets will prevent any coordinated attack by governments against Bitcoin and other cryptocurrencies. Only time will tell.

The more we see countries follow Japan, the more likely that cryptocurrency usage becomes normalized in society. If Russia followed in Belarus' footsteps here, that would be a real game changer.

Many people and politics call Lukashenko as a concervative politic, but just look at this announcement! Belaruse is going by modern road. Do they plan to become the most crypto welcome country in the world? I expected it from many places, but not from Belarus indeed 

[richardsNY]

Many people and politics call Lukashenko as a concervative politic, but just look at this announcement! Belaruse is going by modern road. Do they plan to become the most crypto welcome country in the world? I expected it from many places, but not from Belarus indeed 

Belarus needs a major economical boost, and this is a great way of achieving it. Even when they don't directly require people to pay tax, the growth will contribute to more jobs, economical growth, and from there they will also be able to gain more income from tax, so it's an exceptional move. And yes, it's not directly an expected move from such country, but at least they seem to understand that the growth this market offers can positively affect their own economy. Imagine what will happen when more countries follow the same path, it will create a super friendly environment for everything crypto related, and thus make further growth much easier to gain.

[jjacob]

a wise move on behalf of Lukashenko and Belarus is going to be perfect as a cryptohaven
another good perspective is that Russia may follow the suit and finally regulate cryptocurrency
effectively adding around 150 mil + potential bitcoin users
Belarus is often considered testing grounds for Russia if we speak about economy
and the example of the neighbouring Estonia and its e-residency,which proven to be a success
could see both Belarus and Russia as next cryptocurrencies hubs
mind you Russia is the home of ETH creator so do not look down at their capability to create groundbreaking,technologically advanced stuff
lets see how it develops,though
 

I don't think Russia will follow suit, just because Belarus has welcomed cryptocurrencies. Russia is planning to issue a crypto-rouble, which might help it overcome sanctions imposed by the United States. If there is a fiat cryptocurrency, you can be pretty sure that the government will crack down on other cryptos just to make sure that its own one succeeds.

[J. Cooper]

Many people and politics call Lukashenko as a concervative politic, but just look at this announcement! Belaruse is going by modern road. Do they plan to become the most crypto welcome country in the world? I expected it from many places, but not from Belarus indeed  

Belarus needs a major economical boost, and this is a great way of achieving it. Even when they don't directly require people to pay tax, the growth will contribute to more jobs, economical growth, and from there they will also be able to gain more income from tax, so it's an exceptional move. And yes, it's not directly an expected move from such country, but at least they seem to understand that the growth this market offers can positively affect their own economy. Imagine what will happen when more countries follow the same path, it will create a super friendly environment for everything crypto related, and thus make further growth much easier to gain.

Cryptocurrency is perhaps the most important technological development of our lifetime (not to mention in the history of human kind) so if a nation endorses it it will naturally attract more businesses. And thus result in economic growth. It's not rocket sience. Lot's of countries are in the need of economical growth so I don't get why a lot of nations stay ignorant or refuse to consider cryptocurrency and blockchain. Of course we need to keep in mind that we're still very early on but still.

[veleten]

https://bitcointalk.org/index.php?topic=2694628.new#new

think this is the new Belorussian crypta if I'm not mistaken
called Taler and it looks like your regular altcoin,only with a 10% premine
if this is not a fake,it could be your chance to mine it early (even if for shit and giggles) and hope it shoots 10000x times up
mine while its difficulty is low

[BigTeeths]

Getting it legalized is sure good news but I'm a bit skeptical with the tax free. They are going to enforce in the end for sure just like South Korea are planning to do and just did a regulation.

[buwaytress]

Looks like there's going to be a "competition" in East and Central Europe to be "blockchain/crypto hubs", with Belarus now added to the mix. They're going to have to present very attractive options now to compete with the likes of Gibraltar and its plan for a blockchain exchange (British) and Switzerland and all its small city states-like laws on crypto (neutral) in getting themselves the customers. No one beats Estonia at the moment, in terms of full blown adoption, or should I say, embracement? An EU member launching a national ICO, along with three different tokens.

Who said it's all doom and gloom for Bitcoin (and crypto)?

[Taki]

Many people and politics call Lukashenko as a concervative politic, but just look at this announcement! Belaruse is going by modern road. Do they plan to become the most crypto welcome country in the world? I expected it from many places, but not from Belarus indeed 

Belarus needs a major economical boost, and this is a great way of achieving it. Even when they don't directly require people to pay tax, the growth will contribute to more jobs, economical growth, and from there they will also be able to gain more income from tax, so it's an exceptional move. And yes, it's not directly an expected move from such country, but at least they seem to understand that the growth this market offers can positively affect their own economy. Imagine what will happen when more countries follow the same path, it will create a super friendly environment for everything crypto related, and thus make further growth much easier to gain.

All post USSR countries are going to look at Belarus experience in this point and if everything will go nicely there is no doubt that other countries will follow this example. My own i am sure one day such things as bitcoin and crypto currencies are going to be such normal part of our life as smartphones. Bitcoin and Blockchain exist for 9 years already and I guess the same more needed to it become the truth. Belarus is really not expected in the role of crypto free zone country, but such step will announce them as progressive and modern country and will wash out all stereotypes about this country.

[hatshepsut93]

All post USSR countries are going to look at Belarus experience in this point and if everything will go nicely there is no doubt that other countries will follow this example. My own i am sure one day such things as bitcoin and crypto currencies are going to be such normal part of our life as smartphones. Bitcoin and Blockchain exist for 9 years already and I guess the same more needed to it become the truth. Belarus is really not expected in the role of crypto free zone country, but such step will announce them as progressive and modern country and will wash out all stereotypes about this country.

Why are you saying that there is no doubt? Belarus and other countries have very little influence, Russia is dictating the rules there, one phone call from Moscow and Lukashenko and he will outlaw cryptos and will seize all the coins he can get. And from what we've heard, Russia is quite skeptical on decentralized coins like Bitcoin, they think it was created by CIA or is useful only for terrorists, which is why they want to create their own centralized CryptoRuble.
And it's ridiculous to say that being pro-crypto is washing out any human rights violations and makes a country progressive, Belarus still has the same president that was "elected" 5 times in a row and who silenced all the opposition. Countries like Russia, Iran and Venezuela are interested on cryptos only because of sanctions, but they don't want their citizens to enjoy economic freedom offered by Bitcoin, which is why they are interested in centralized national "cryptocurrencies".

[kseniyu]

It was unexpected to learn that Belarus will legitimize bitcoin. This is a good move on their part. The government must see the benefit and perspective of its people. You need to be modern and understand that time does not stand still.

[gentlemand]

A bold move. A pity the country itself is a repressive shithole or you might get a lot of people relocating there.

I also wonder what Russia will make of this. Belarus is heavily in Russian's pocket and the Russians are not crypto fans so far.

[8270thNinja]

I thought i am the only one who's thinking Belarus Government's move is a very bad move. Not every country or Government who agrees on ICO and Cryptocurrency means that they are on their way on getting rich and the progress that they are waiting for. It is truly inviting that they will make it Tax Free but is this really they are after for?. If Belarus will push through on commiting this action, a tension will surely happen between Russia and Belarus.

[mharz]

a wise move on behalf of Lukashenko and Belarus is going to be perfect as a cryptohaven
another good perspective is that Russia may follow the suit and finally regulate cryptocurrency
effectively adding around 150 mil + potential bitcoin users
Belarus is often considered testing grounds for Russia if we speak about economy
and the example of the neighbouring Estonia and its e-residency,which proven to be a success
could see both Belarus and Russia as next cryptocurrencies hubs
mind you Russia is the home of ETH creator so do not look down at their capability to create groundbreaking,technologically advanced stuff
lets see how it develops,though
 

I don't think Russia will follow suit, just because Belarus has welcomed cryptocurrencies. Russia is planning to issue a crypto-rouble, which might help it overcome sanctions imposed by the United States. If there is a fiat cryptocurrency, you can be pretty sure that the government will crack down on other cryptos just to make sure that its own one succeeds.

It was good indicators, maybe Belarus was study the circulation of bitcoin together with the blockchain. They need to study hard how they imposed tax crypto  currencies using blockchain transactions, if it is happen there's a high possibility that bitcoin together with the altcoins will adopted by all country. Because it helps economics to increase their income using crypto currencies. However they need to make sure that imposing taxes were fair to everyone.