Belarus’ High Tech Park reveals new cryptocurrency regulations in bid to become industry leader

By Bruno Reis

The High Tech Park (HTP) in Belarus has announced the introduction of new regulations for companies that operate within the cryptocurrency industry.

The additional rules following the initial Decree No. 8 “On the Development of the Digital Economy” ruling made in December 2017.

The regulations work in favour to protect cryptocurrency, and form part of the nation’s plans to advance its position as a world leader within the sector.

The framework includes tax exemptions, advanced anti-money laundering rules, data and customer protection laws, and heightened business standards.

“We are looking forward to more international and U.S. tech and blockchain companies doing business in Belarus following the establishment of Decree No. 8 and these new regulations,” stated David Baron, Chairman of the Belarus-US Business Council.

SEE ALSO:

“Many U.S. IT companies already know Belarus as a place to set up their software development division but Decree No. 8 will position Belarus a top destination for cryptocurrency ventures and value-generating global IT product companies.”

“Of course, will be important for companies that want to establish themselves in the HTP and do business in the U.S. or with U.S. citizens to respect and adhere to U.S. laws and regulations.”

“For example, under U.S. regulations, if a non-U.S. company is operating a cryptocurrency trading platform and allows U.S. citizens to participate, the company must be registered as a money transmitter in the U.S.”

“The U.S. securities laws may also apply to cryptocurrency ventures, requiring that the platform be registered as an alternative trading system in the U.S.”

Share

Featured Articles

Top 10 most innovative telecom operators in the Middle East

With Dubai-based Telecoms World Middle East in full swing, we chart the most innovative telcos from the region – and look at how they are transforming

Top 10 fastest-growing Indian companies in the UK

Business Chief takes a look at the top 10 fastest-growing Indian companies in the UK, according to the India Meets Britain Tracker from Grant Thornton

Top 10 workplaces prioritising people and planet in the UAE

Sustainable, flexible, collaborative, tech-driven, and amenities-rich, the office of the future considers both people and planet – here are 10 in the UAE

Top 10 female HR execs leading Saudi’s workplace transition

Leadership & Strategy

Top 10 largest asset managers by AUM operating in the UAE

Corporate Finance

Top 10 female CEOs leading Africa’s biggest businesses

Leadership & Strategy