Cryptocurrency exchanges, exchangers and ICOs

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This article focuses on the activities of only legal entities in the field of cryptocurrencies in the Republic of Belarus. With the adoption of Decree No. 8 of 21.12.2017/2018/30.11.2018, it became clear that the concentration of all activity on cryptocurrencies would be around the Hi-Tech Park (hereinafter referred to as the HTP) and only framework provisions were outlined, and details were expected throughout XNUMX. Finally, on November XNUMX, XNUMX, the HTP published the main package of documents fully regulating activities related to cryptocurrencies. Below we will present a brief analysis of the provisions of this package of documents, which will be constantly updated as new information becomes available.

For those who plan to deal with cryptocurrencies in Belarus, we can offer our legal services from consulting to supporting the registration of a cryptocurrency exchange, exchanger or ICO provider.

Let's highlight the main important points:

  1. The main benefits for cryptocurrencies and the procedure for joining the HTP
  2. Requirements for a cryptocurrency exchange, crypto exchanger, ICO provider in Belarus

The main benefits for cryptocurrencies and the procedure for joining the HTP:

Decree No. 8 of December 21.12.2017, 1 until January 2023, XNUMX provides the following tax benefits for legal entities in Belarus (both HTP residents and not):

- No value added tax (VAT) on any cryptocurrency turnover (including when working with foreign legal entities);

- No income tax or simplified taxation system;

The procedure for joining the HTP with cryptocurrency activities.

In order to open a cryptocurrency exchange, crypto exchanger, organize an ICO, you must definitely become a resident of the HTP.

The process of joining the HTP includes the following stages:

- fulfillment of requirements for a legal entity, be it an exchange, an exchanger or a provider;

- development and submission of a business project;

- protection of a business project;

- waiting for the decision of the supervisory board.

The whole process takes approximately 4 months. Since not a single resident has yet been accepted with these types of activities, so far it is possible to navigate by analogy with our articleregarding the entry into the HTP of ordinary residents without cryptocurrencies.   

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Requirements for a cryptocurrency exchange, crypto exchanger, ICO provider in Belarus

- HTP resident status;

- Formed statutory fund in the amount of 2 million Belarusian rubles for the exchange, 500 thousand rubles for the ICO provider;

- Formed staff, including, in addition to a professional manager and an accountant, the following officials responsible for: risk management; compliance with the requirements for the prevention of legalization of income; system administration and information security; compliance with the HTP regime. Several duties can be performed by one person.

- The experience of any of the above employees or the founder of work experience in banking, insurance, exchange or cryptocurrency areas for at least 1 year;

- Completed audits of information systems and legal audit of documentation;

- System of internal control and risk management. 

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