The document was termed as “the second stage of cryptocurrency regulation”, which contained details of the approved regulations for activities with digital tokens. It specified requirements for different businesses looking to venture into the world of cryptocurrencies or initial coin offerings (ICOs) in the country.
Prior to this recent development, another policy was signed last year containing general operational guidelines for the industry. This was filed under the Decree No. 8 ‘On the Development of the Digital Economy’. In this decree, cryptocurrency exchanges, cryptocurrency exchange operators, mining, smart contracts, blockchains, and tokens were legalized.
In this second phase of the regulation drafting, six reference documents have been drafted up to include the HTP Supervisory Board Decision, requirements for applicants, crypto platform operators, cryptocurrency exchanges, ICO organizers and requirements for internal control rules.
These documents all together now constitute a comprehensive support for cryptocurrency activities in Belarus. It should be noted that “the HTP administration, together with the National Bank, the Financial Monitoring Department of the State Control Committee, international experts and other bodies, compiled and signed all the necessary documents”, as reported by Belarusian news outlet Dev.by.
HTP is an area dedicated to providing special opportunities dedicated to the growth of the IT industry in the country. Popularly termed as the Belarusian Silicon Valley, some of the achievements of the Belarus HTP include exports of 80% of the total production from companies within the area to the North American and the European technology markets. Tech companies thrive in the area due to tax exemption policies favoring them. More so, companies around Belarus don’t need to physically build there before they can operate in the area.
So far, Belarus has shown support for the blockchain and seems to be throwing its weight heavily behind it, as it attracts new businesses because of its cryptocurrency friendliness while extending a hand of invitation to other countries for crypto-related services.
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