Belarus’ looooooooooong-time president, Alexander Lukashenko, is re-branding himself as a pioneering cryptocurrency politician. Lukashenko, who has retained power in the former Soviet enclave for over 24 years, declared that “Belarus will become the first government in the world that opens wide opportunities for the use of blockchain technology.” Vsevolod Yanchevsky, one of the country’s tech luminaries, is also sold on the idea, raving in a recent interview, “Belarus will be one of the best jurisdictions in the world for cryptocurrencies and blockchain.”
Belarus to Blockchain and Cryptocurrency Startups: Incorporate Here and We’ll Wave Your Taxes
So, what is Lukashenko’s plan to transform Belarus into a digital currency kingdom? Easy:
- Tax exempt all revenue and profits from crypto and blockchain operations. (Note: The cuts would only last till 2023.)
- Simplify international cash-flow laws so startup money can easily float its way over Belarus’ borders.
Lukashenko seems confident in the vision, optimistically opining: “We have every chance of becoming a regional center in this area.”
Visions of ICOs are also dancing in the leader’s head, and his government is already contemplating ways to thwart would-be crypto criminals, including capital requirements and smart contract standards.
Could Belarus’ Cryptocurrency Dreams Become Reality?
Does Belarus have a shot at turning this idea into reality?
It does.
Over the past decade, several of the post-Soviet states have made significant technological strides. Especially Belarus; it’s home to World of Tanks, the phone messaging system Viber, and EPAM Systems. Alphabet — Google’s holding company — has even snatched up several Belarus startups.
Praise established, Belarus’ plan could also hit some roadblocks, due to conflicting statutes and the current global political climate.
Legal Options For Cryptocurrency Companies
Is your blockchain or cryptocurrency business at a crossroads? Trying to decide where, what, when, and how?
Our digital currency legal team can help. We’ll figure out everything from the best place to incorporate, ICO particulars, and even the ideal tax reporting plan.
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