Belarus Extends The Tax Exemption For Cryptocurrency Enterprises Until 2025

Key Points:

• This Monday, President Aleksander Lukashenko issued an order that exempts cryptocurrency miners and operators of cryptocurrency firms from paying personal income tax, value-added tax, and corporate income tax.
• Additionally, the law permits foreign owners of fintech companies and their staff to enter the nation without the need for a visa.

Belarus has stated that it would continue to provide crypto firms with a tax exemption until the year 2025.

The tax exemption for miners and token creators in Belarus has been extended until 2025, allowing the country to continue to attract cryptocurrency enterprises. A directive exempting miners and operators of cryptocurrency businesses from paying value-added tax, income tax, and income tax was reportedly signed by Belarusian President Aleksandr Lukashenko this week, as reported by the Belarusian news agency AFN. personal entry.

Previously, the law of this nation stated that crypto firms and the people working for them are exempt from paying taxes until the year 2023 has passed. The Belarusian government began providing assistance to crypto enterprises for the first time in 2017, the year in which they initially began providing assistance to crypto companies. developed an exclusive neighborhood in Minsk known as the Hi-Tech Park.

In 2018, the government initiated a number of initiatives designed to encourage entry into the country by cryptocurrency businesses based in other countries. In March of 2018, the nation implemented a number of new measures pertaining to cryptocurrencies. Among these are the decriminalization of initial coin offerings (ICOs) and the commercial activities associated with smart contracts. Additionally, the law permits foreign owners of fintech companies and their staff to enter the nation without the need for a visa.

The extension of the tax exemption for cryptocurrency enterprises until 2025 is a positive development for both the cryptocurrency industry and the Belarusian economy. It demonstrates the government’s commitment to supporting and promoting the industry, and will help to attract more investment and create more job opportunities for the country’s citizens.

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