Companies involved in mining, smart contracts, issuing their own tokens and trading in cryptocurrencies in Belarus are not required to pay taxes for the next five years. In addition, smart contracts are part of the local law and thus find their way into the judiciary. This is an absolute novelty.
Belarusian state news agency BELTA announced last Friday that Belarus will become the first nation ever to make smart contracts part of its laws. President Alexander Lukashenko has signed a decree on the development of the digital economy. Lukashenko formulated his goals in a meeting with leading representatives of IT companies in the country. The mechanism of smart contracts could solve fundamental human problems even without a paper-based contract. Although the software is not perfect yet, says Lukashenko.
Nonetheless, this is the path that development throughout the world would take. Everywhere you understand better and better that digital contracts in the long run will replace all conventional ones that still need paper as a basis. Now that the US states of Arizona and Nevada have integrated Smart Contracts into their local legislation, this is now going to happen at the federal level in Belarus. There may be a better bill in the future, they said. But the government in Minsk simply wanted to be the first in the world to incorporate this modern technology into its legislation.
Tax exemption until January 2023
Belarus wants to strengthen its own IT sector, which is why companies involved in mining, smart contracts, issuing their own tokens and trading in cryptocurrencies may earn tax-free profits for five years. The new regulation is due to expire in January 2023. The government in Minsk wants to create a positive environment for such business, so that the country as a location more attractive, as it was said.
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