One of the most interesting news buried by yesterday's FUD, and massive Bitcoin dip, came from Belarus: Aleksander Lukashenko, Belarus President, just signed a law which makes cryptocurrencies not only legal, but also exempt from taxes.
Here are some of the most important points, according to a report summarizing this law, published by an IT company:
- a new type of tech park - actually called High Tech Park - will be established, as a hub for emerging startups and technologies
- blockchain and cryptos will be favored, but there are also provisions for AI, or even development of "unmanned vehicle driving systems"
- all these startups are exempt from taxes until January 2023
And here are the crypto-related gems:
- the mining activity of individuals, tokens purchasing and sale shall not be considered entrepreneurial activity
- tokens and revenues from operations with them shall not be subject to declaration by the individuals.
- turnovers, profits (income, proceeds) from various operations with tokens are not recognised as taxable items until January 2023.
This news coms on a bigger trend in the zone, where, for instance, Estonia launched an e-residency program a few years ago and plans to issue a state-owned crypto currency.
The law should come into effect in 3 months.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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It's ironic that "high tech" is an old fashioned word now. Wonder how easy it is to set up a belurus company though - maybe tax is cheaper than translations from Belurus to English. /sarc
Ps- just looked it up they speak Russian and Bellarusian
Good for them taking note of a trend and accepting the people's will to no longer be controlled by banking cartels. Nice find, nice share
good move.
if they make it permanent.
Belarus will become more wealthy
than Dubai.
Enough time for me to buy a lot of crypto and a plane ticket to Belarus!
Almost makes me want to move to Belarus. I hope other countries will follow
We really want those types of leaders here in India. Indian government thinks that Bitcoin is illegal to tread with.
Very liberal moves from a dictatorship, am I missing something?
My thoughts exactly!
great news the cryptocurrency got legal status in belarus and exempted from taxes till 2023. all the the best to people of belarus
wow Belarus President making the big moves hope many others follow that soon
If someone wants to support one of the last remaining dictatorships then great, it should start or relocate his or hers crypto-business in Belarus.
An example of what a wonderfully shitty country Belarus is:
Gay clubs raided and dating app shut down in ‘alarming’ crackdown on LGBT people in Belarus
I'm coming Belarus. I wanted to come there after becoming cryptomillionaire. Thanks for giving me 3 months. :) Excellent post @dragosroua.
Steem On!
Dann hoffen wir mal, dass andere Länder nachziehen -