Officials in Belarus no longer plan to tighten the regulatory framework for the crypto sector. This comes as Russia is mulling over a suggestion to impose harsh regulations on many crypto-associated operations, together with mining, trading, and investing. Belarus Hi-Tech Park (HTP) stated in correspondence with BNN Bloomberg:
“Restrictive changes to the existing regulatory model are not currently foreseen”.
HTP, popularly known as “Belarusian Silicon Valley ”, manages the legal regime to facilitate the improvement of the IT industry, including crypto business. It delivered tax free and different incentives for businesses operating with virtual assets.
The cryptocurrency adoption index by blockchain forensics organization Chainalysis ranks Belarus third in Eastern Europe, after Russia and Ukraine. Belarusians aren’t obliged to record their crypto transactions to tax authorities.
