The Ministry of Finance has submitted amendments aimed at enticing investment capital to Belarus for public comment. Despite having a statutory framework in place for communal investments, the department emphasised in its motivations for the effort that no single fund has been registered in the country to date.
Representatives from professional circles have pointed out that one of the key reasons for the lack of such funds is that they are now prohibited from investing in crypto assets. The market for “digital signs (tokens),” the legal word for cryptocurrencies, has been rapidly expanding, according to the finance ministry.
The ministry has drafted a resolution revising its own decree on securities market activities relevant to investment funds to abolish the limits. It intends to allow the funds to work as securities dealers and inhabitants of the Belarus High-Tech Park at the same time (HTP).
The latter is in charge of a specific legal framework designed to help the country’s digital economy, which includes the crypto sector.
Professionals are also concerned about the government’s failure to provide long-term assurances on current tax cuts for the industry. To remedy the problem, the Ministry of Finance has proposed new legislation that will extend tax exemptions for organisations involved in communal investment until January 1, 2031.
It’s a wrap for this story.