Belarus: blockchain and crypto regulation

    The day before yesterday, Decree No. 8 came into force in Belarus regarding the regulation of the blockchain and related infrastructure, which was signed by the President of the Republic of Belarus on December 22, 2017. The decree introduces such concepts (and their regulation) in Belarus as blockchain, cryptocurrencies, tokens, mining, smart contracts. Fixing these concepts through their definition in a legal document is the first experience in the territory of the post-Soviet space. Of course, it will be taken into account and studied in neighboring countries, including Russia, especially in connection with the development of a common economic space within the EAEU.

    In the period between the signing of Decree No. 8 and its entry into force, a number of normative acts were adopted to regulate issues provided for in Decree No. 8.

    Bank control over operations

    The National Bank adopted a resolution [1], expanding the list of signs of suspicious transactions related to the legalization of proceeds of crime, financing of terrorist activities and financing the proliferation of weapons of mass destruction. Banks will be under special control of transactions with a crypto worth more than about 60 thousand dollars (about 47 thousand euros) if such transactions (i) are “not determined by the nature of the activity” or (ii) there is no source of funds or (iii) are executed without participation Resident of the High-Tech Park [2].

    Register of residents of the High-Tech Park

    Minor changes were made to documents, among others relating to the High-Tech Park (the register of residents of the Park has been changed - now it has fields relating to crypto-platform operators and cryptocurrency exchange operators) [3].

    Token Accounting

    Changes have also been made to accounting standards [4]. The approaches to the evaluation of tokens are determined, what accounting information should be disclosed in working with digital currencies, various token statuses are established:

    • To exercise the rights certified by tokens - “Settlements with various debtors and creditors” and “Other income and expenses” (as long-term and short-term financial investments),
    • Purchase of tokens for their subsequent sale - “Goods”, “Settlements with suppliers” and “Revenues and expenses from current activities”,
    • Tokens received from mining - “Finished products” and “Main production”,
    • Tokens created for ICOs are not accepted for accounting.

    Personal data

    The President signed a decree on the preparation of a draft law of the Republic of Belarus “On personal data” by December 2018. The introduction of the bill in parliament is scheduled for April 2019. [5] The

    introduction of regulation in Belarus opens up new opportunities for companies and investors who are planning or are already at ways to implement projects using blockchain.

    Russia is also actively working on the development of laws that will regulate the infrastructure of the blockchain (to date, 3 bills have been submitted to the State Duma for consideration).


    [1] Decision of the National Bank of the Republic of Belarus 62 February 15, 2018 On Amendments and Changes to the Decree of the Board of the National Bank of the Republic of Belarus dated December 24, 2014 No. 818

    [2] The High-Tech Park is a special economic zone with a special tax and legal regime in the Republic of Belarus, on the basis of which it is planned to develop the crypto industry in the Republic.

    [3] Decree of the Council of Ministers of Belarus of March 20, 2018 No. 205 on amendments to the resolution of March 27, 2006 No. 403 "On some issues of the implementation of Decree of the President of the Republic of Belarus of September 22, 2005 No. 12" (this decree approved the provision on the Park high technology).

    [4] Resolution of the Ministry of Finance of the Republic of Belarus on March 6, 2018. No. 16 “On approval of the National Accounting and Reporting Standard“ Digital Signs (Tokens) ”and on making amendments and additions to some resolutions of the Ministry of Finance of the Republic of Belarus.

    [5] Decree of the President of the Republic of Belarus dated January 10, 2018 No. 9 “On Approving the Plan for the Preparation of Bills for 2018” (January 11, 2018, 1/17459).

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