Belarus Approves Investing in Cryptocurrencies by Investment Funds

Belarus, an Eastern European country, has taken a significant step forward by deciding to allow investment funds to seek exposure to digital assets. Belarus’ Ministry of Finance has proposed modifications for public comment that aim to attract certain investment capital.

Despite having the essential legislative structure in place for communal investments, the government claims that no funds have yet been registered. One of the main reasons for this hesitancy could be that these funds are not permitted to invest in cryptocurrency.

The Ministry of Finance further stated that the market demand for cryptocurrencies is increasing at a rapid rate. As a result, the ministry has proposed amending the order to remove the limits on these funds and allow them to function as securities dealers while also being residents of the Belarus High-Tech Park.

Belarusian Crypto Industry Gets Tax Breaks

 

Belarusian crypto sector professionals have been requesting long-term guarantees from the government in terms of crypto tax savings. In response to their demands, the Ministry of Finance has proposed new legislation that will grant tax exemptions to businesses engaged in communal investment until January 1, 2031.

Belarus hinted at being a crypto-friendly country in 2018 when it passed the order “On the Development of the Digital Economy,” which allowed crypto firms to operate in the country. President Alexander Lukashenko personally signed the documents, which included tax reductions and other incentives for enterprises doing business in this sector.

Currently, Belarusian authorities have hinted that they have no plans to introduce harsher crypto regulations. Russia, the country’s neighbor, and ally has recently taken a softer stance on digital assets.

Despite this crypto-friendly stance, the use of digital assets is forbidden in Belarus. Residents, on the other hand, are permitted to trade digital assets.

 

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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