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Belarus crypto score

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Belarus Crypto: HTP Zone & Tax-Free Rules

Is Bitcoin legal in Belarus?

Yes, Bitcoin is legal in Belarus. The country has taken a supportive stance, and the 2017 Decree No. 8 tax exemptions for mining, trading and token issuance were extended through 1 January 2025. In 2025 the government is preparing tighter oversight but says it wants to keep Belarus a ‘digital haven’.

How to buy Bitcoin in Belarus?

To buy Bitcoin in Belarus, one can follow these steps:

1. Choose a reputable cryptocurrency exchange: Look for an exchange that operates in Belarus, has a good reputation, and offers a secure platform.
2. Set up an account: Register on the exchange and complete the verification process to set up your account.
3. Add funds to your account: Most exchanges allow you to add funds using a bank transfer or credit/debit card.
4. Buy Bitcoin: Once you have added funds to your account, you can buy Bitcoin by placing an order on the exchange.
5. Store your Bitcoin: To protect your investments, it is important to store your Bitcoin in a secure wallet. Most exchanges offer a built-in wallet, or you can transfer your Bitcoin to a personal wallet.

Note: Make sure to research and compare different exchanges, their fees, and security measures before deciding to buy Bitcoin.

How about crypto financial services in Belarus?

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The largest bank in Belarus Belarusbank made some waves in 2020 by teaming up with a crypto exchange called White Bird to launch a cryptocurrency exchange service.  The service started on November 13th and is initially open to citizens of Belarus and Russia, with plans to expand to other countries soon. The bank has been undergoing a digital transformation program for several years and this cryptocurrency exchange marks a significant step in that journey. It is unclear which specific crypto assets will be available for purchase, but White Bird promises a comprehensive list and plans to integrate traditional financial services with the platform. As of 2025, Belarusbank has not relaunched public crypto products, and most crypto services are concentrated in Hi-Tech Park companies instead.

What payment methods are accepted for buying Bitcoin in Belarus?

The accepted payment methods for buying Bitcoin in Belarus may vary depending on the platform used, but common methods include bank transfer, credit/debit card, and cash. According to Bitcoin ATM Radar, Belarus does not have yet Bitcoin ATMs.

How to securely store your Bitcoins in Belarus?

In Belarus, you can securely store your Bitcoins by using a hardware wallet, a paper wallet, or a software wallet with strong security features. It’s important to keep the device or paper containing the wallet in a safe and secure location and to regularly back up the wallet to avoid loss due to device failure or damage. It’s also advisable to follow best practices for protecting your digital assets, such as keeping your software up-to-date, using strong and unique passwords, and avoiding sharing personal and financial information online. If you don’t know what any of that means, we recommend reading more about wallets here.

What are the risks of buying bitcoin in Belarus?

Crypto regulation in Belarus

Belarus loves bitcoin – but they’re not afraid to play hardball!

Belarus is all about that crypto life! They adopted the world’s first formal law on cryptocurrency and blockchain, Decree No. 8, in 2017 and it went into effect on March 28, 2018. It even permits the selling, exchanging, and mining of cryptocurrencies!

But don’t get too excited – operating a crypto exchange is considered high risk, much like running a casino or lottery. And if you want to run an ICO in the High Technologies Park, you better be ready to jump through some hoops and get authorization.

But hey, at least the businesses in the High Technologies Park get a sweet tax break. HTP residents get reduced taxes and special rules, and crypto-related income is exempt under Decree No. 8 through 1 January 2025. Authorities are now talking about a dedicated body to supervise the digital economy so the sector doesn’t leak funds abroad. While most countries are still figuring out what to do with crypto, Belarus is ahead of the game. And who knows, maybe one day they’ll be the crypto capital of the world!

Just remember, if you’re a crypto miner, you may be considered a money transmitter under the Financial Crimes Enforcement Network (FinCEN). But, hey, as long as you’re not mining in a country that’s banned crypto-related activities, you should be good to go!

Taxes in Belarus

Belarus remains near the top of crypto-friendly tax regimes because Decree No. 8 exemptions were extended to 1 January 2025. Mining, token issuance and trading done through HTP residents stay outside VAT and profit tax, and individuals don’t pay personal income tax on these operations. Lukashenko wants the government, National Control Committee and central bank to clarify regulatory norms and establish control over crypto usage. He wants to create a special governmental body for digital economy control, using China’s regulatory practices as an example. The recent use of bitcoin by dissidents in Belarus has prompted the government’s discussion on crypto regulation. A government-backed IT incubator, the Belarus Hi-Tech Park, may be tasked with supervising cryptocurrency services. Some crypto experts believe Lukashenko’s new regulations would ease rules for regime supporters while clamping down on others. Lukashenko is seen as trying to tighten his grip on IT to stop it from evading his control and finding funds for Belarus’ economy.

Is it legal to mine bitcoin in Belarus?

Mining and investing in cryptocurrencies are declared as personal investments, and exempt from income tax and capital gains in an effort to boost the digital economy.

What are the upcoming guidelines for Belarus taxes in 2023?

The government of Belarus has produced a series of guidelines for the upcoming changes in 2023 on corporate and individual income tax:

1. Corporate income tax rate increased from 18% to 20% with repeal of 2% local tax.
2. 30% corporate tax rate for telecom and microfinance organizations from 2023-2025.
3. Foreign dividend tax rate increased to 15%.
4. Foreign organization income tax exemption for funds from government.
5. 3-year tax exemption for car/auto component sales repealed.
6. Advertising expenses deductible from 2023.
7. Limitation on deductibility of foreign currency exchange differences abolished.
8. Loss carry-forward period reduced to 5 years, retroactive to 2022.
9. VAT reverse charge extended to purchases from foreign individuals.
10. Transfer pricing controls expanded to include loans to rehab/insolvent organizations.
11. Accounting/financial data of Belarusian organizations used for transfer pricing.
12. Transfer pricing documentation deadline extended to 1 Aug.
13. Penalty exemption for income tax adjustment extended to 2023 and 2024.
14. 26% individual tax rate for illegal income.
15. 13% individual tax rate for high-tech park employees extended to 2025.

The extent to which these guidelines will impact precisely your crypto tax bill is tbd, most like everywhere else in the world though.