The tax breaks for cryptocurrency companies in Belarus have been extended until January 1, 2025, as per a decree signed by President Alexander Lukashenko.
The new decree not only prolongs the effect of tax benefits, but also outlines a plan for the development of the digital tokens sector in the country by July 1, 2024.
Belarus has been making efforts to promote the growth of the cryptocurrency industry, and the Decree on the Development of the Digital Economy of Belarus aims to facilitate this by exempting the mining of cryptocurrency, purchase and sale of tokens by individuals from being considered entrepreneurial activities.
This means that tokens are not subject to declaration, and the owners of cryptocurrency firms are exempt from paying personal income tax, value added tax and corporate income tax.
Additionally, the law grants foreign owners of fintech companies and their employees the freedom to enter Belarus without a visa.
Notably, the government of Belarus has been supportive of the cryptocurrency industry since 2017, with the introduction of the decree “On the Development of the Digital Economy” which granted preferences to representatives of the sector.