Belarus adopts new cryptocurrency accounting standard

The document which “specifies the procedures for keeping accounting records of crypto transactions” was developed by The Ministry of Finance in Minsk. Although cryptocurrencies are not mentioned in the text, the document is designed to regulate the reporting of cryptocurrency flow. Ministry’s decree also contains information on the obligations of organizations conducting token sales as well as exact approaches to assessing the cost of “digital tokens”. The announced regulations will only target private entities.
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Earlier President Lukashenko has signed Decree №8 “On the development of the digital economy”. This piece of legislation recognizes crypto activities and creates conditions for exchange services, initial coin offerings, and cryptocurrency mining operations. The government is ready to further stimulate crypto activity as it offers tax breaks for crypto businesses until 2023. The decree will come into force on March 28, 2018.

With given legislation in place, Belarus might become one of the first countries to have comprehensive legal framework regulating the blockchain industry. Crypto business is going to available both to individual entrepreneurs and big corporations, provided that all participants are registered in the Belarus High Technology Park.

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