The Government of Belarus Designed the Law Enabling Set-up of Cryptocurrency Hub

Nine months have passed from the President’s visit to IT companies in March to the signing of the Law. The Decree introduces a framework to liberalize the business environment for the innovative and high-tech sector, including the elaboration of the legal status of HTP residents.

Belarusian IT community participated in the development of this legislation as a whole, with people sending a huge number of suggestions on how to improve it. Leading lawyers and economic analysts of Belarus worked on this project. The drafting of the Decree was managed by the HTP administration and Vsevolod Yanvevsky personally. The work was performed in close contact with state authorities – the National Bank, the Council of Ministers, and other state authorities and agencies. Though people represented different spheres, the work was well-coordinated and efficient. Preparing such a complex piece of legislation within such a tight deadline is unprecedented.

Which benefits has the Blockchain community just received?

• The Decree adopts best practices from international regulation in this area.
• It creates conditions for the use of cryptocurrencies in civil circulation.
• It establishes conditions to protect investors from unfair market participants.
• All operations with cryptocurrencies will be carried out by HTP residents, which are trusted and respectable companies.
• It will be safer to make cryptocurrency transaction in Belarus than in any other country. Investors will be provided with additional guarantees, which are not currently there elsewhere.
• Blockchain development companies like VironIT have got the opportunity to help individuals engage in mining activity in Belarus. When exchanging tokens and cryptocurrency for money, verification procedures will be conducted in order to prevent money laundering and to counter the financing of terrorist activities.

As an HTP resident, VironIT is offering non-HTP companies the opportunity to create their own legitimate tokens without joining the HTP and other Blockchain-related services.

What is HTP?

Belarus Hi-Tech Park is a virtual hi-tech park that ensures favourable business conditions for tech companies, facilitates their growth and offers economic incentives for investors. 91.5% of the software produced in the Park account for exports with 40.2% being sold to the USA and Canada, 46.7% — to the European countries and 10.7% — to Russia and the CIS countries.

Today the cluster involves 180 tech resident companies. Every year a new success story takes place in HTP: World of Tanks, Viber, Apalon and MSQRD.

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Further reading Belarus Legalizes ICOs, Cryptocurrencies and Smart Contracts