- Belarus will allow cryptocurrency businesses, including miners, to operate tax-free until 2025.
- Exempted taxes include value added tax, income tax and personal tax.
- Belarus is one of the countries looking to encourage more crypto-related investments.
Belarus is one of many countries that do not want to keep cryptocurrency companies out of their jurisdiction by overtaxing them.
As the regulatory environment becomes increasingly hostile for some cryptocurrency companies, the latest news from Belarus shows that the country has extended tax exemptions for cryptocurrency-related platforms and entities.
Belarus now joins countries such as Singapore, the United Arab Emirates, Switzerland and Germany in exempting cryptocurrencies from taxation.
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No tax on Belarusian cryptocurrency companies until 2025
According to the details of Local news agency AFN, Belarusian President Alexander Lukashenko recently signed a decree allowing cryptocurrency miners and developers to operate tax-free in the country until 2025. Exempted taxes include personal tax, value added tax and income tax.
Tax exemption does not only benefit cryptocurrency miners and developers. Companies and individuals working to exchange coins and tokens for Belarusian rubles and foreign currencies are also set to enjoy the latest prospects.
AFN reported early Thursday that the new decree replaces previous legislation that required those working in the cryptocurrency business and industry to pay applicable taxes through 2023.
Providing tax-free business access to businesses and industry players is the latest move by Belarus to propose new incentives for cryptocurrency-related projects.
The country announced a tech park in 2017 to target a new wave of cryptocurrency miners and went even further with incentives for cryptocurrency companies, including legalizing initial coin offerings (ICOs).