Companies involved in mining , smart contracts, issuing their own tokens and trading in cryptocurrencies in Belarus are not required to pay taxes for the next five years. In addition, smart contracts are part of the local law and thus find their way into the judiciary. This is an absolute novelty.As the state news agency BELTA last Friday announced , Belarus will be the first nation ever to be a part of Smart Contracts makes its laws, President Alexander Lukashenko has signed a decree on the development of the digital economy. Lukashenko formulated his goals in a meeting with leading representatives of IT companies in the country. The mechanism of smart contracts could solve fundamental human problems even without a paper-based contract. Although the software is not perfect yet, says Lukashenko. Nonetheless, this is the path that development throughout the world would take. Everywhere, one understands better and better that digital contracts in the long run will replace all conventional ones that still require paper as a basis. After the US states of Arizona and NevadaThis year, smart contracts have been integrated into their local legislation, and this should now be done at the federal level in Belarus. There may be a better bill in the future, they said. But the government in Minsk simply wanted to be the first in the world to incorporate this modern technology into its legislation.Tax exemption until January 2023 Belarus wants to strengthen its own IT sector, which is why companies involved in mining , smart contracts, issuing their own tokens and trading in cryptocurrencies may earn tax-free profits for five years. The new regulation is due to expire in January 2023. The government in Minsk wants to create a positive environment for such business, so that the country as a location more attractive, as it was said.
source https://thebitcoinnews.com/belarus-tax-exemption-crypto-companies-2023/
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Amazing
From the author: The National Bank of Belarus made a statement that this law will be finalized. They plan to control the market of Crypto-currency.
In reality, even the tax service does not provide accurate information. Grandmothers who work in the tax service do not know what a blockchain is :)
The law exists on paper. It takes time to talk about it for sure. While the trend is such that many laws that apply in Belarus work against ordinary citizens and business.
It is difficult now to draw accurate conclusions.