Belarus and New Developments in the Crypto Regulatory Framework

Belarus, which legalized business activities related to digital assets earlier this year, has now expanded its crypto-friendly regulatory framework. The High Technologies Park (HTP) in Minsk, where companies from the industry are welcome to register and operate, has announced new regulations aimed at creating even more favorable conditions for cryptocurrency startups.

The former Soviet republic became one of the first jurisdictions in Europe to adopt legislation designed to attract crypto and blockchain companies when President Lukashenko’s decree “On the Development of the Digital Economy” came into force in March. According to a press release, now the HTP is introducing additional tax exemptions, advanced anti-money laundering rules, strict data and consumer protection requirements and improved business standards.

The new regulations have been approved by the supervisory council of the business park and published on its website on Nov. 30. They introduce comprehensive requirements for companies applying for HTP residence, operators of cryptocurrency platforms, including digital asset exchanges, projects conducting initial coin offerings (ICOs) and internal control rules that registered entities should implement.