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Crypto Exchanges & Regulation – Top exchanges in Belarus by Coincub criteria
| Total population | 9,449,323 |
| GDP (in USD Millions) | 79,704 |
| Total # of universities | 57 |
| Leading blockchain universities | |
| Jobs in blockchain | 32 |
| Bitcoin mining | |
| CBDC stage | |
| Crypto received (in USD$) | |
| Crypto sent |
| Bitcoin ATMs | |
| Bitcoin nodes | |
| Companies with bitcoin in treasury | |
| Population % owning crypto | 0.50% |
| Crypto exchanges based in country | |
| Bitcoin Interest | |
| ICOs (Initial Coin Offerings) | |
| ICOs energy | |
| Fraud crypto score |
| Crypto financial services | 8/50 | |
| Web3 population adoption | 0/20 | |
| Web3 environmental impact | 0/20 | |
| Crypto trading | 5/20 | |
| Web3 talent | 3/30 | |
| Web3 proliferation | 4/30 |
You can’t store cryptocurrencies on your cell phone or PC. Instead, the assets are retained on a blockchain network and you, or a custodian, are given private encryption keys. These keys offer access to and use of your cryptocurrency holdings. A crypto wallet stores cryptocurrency keys and enables you to access and use the blockchain […]
Are you focused enough on cryptocurrency trading but need help with what to look for in a crypto exchange? With hundreds of platforms available, finding the right one can be overwhelming, especially for newcomers. Selecting the proper exchange is crucial for learning and earning in the crypto world. This article will guide you through the […]
As cryptocurrencies gain popularity, the gambling industry has witnessed a significant shift to crypto casinos, not least because of the added safety and anonymity they offer. This new wave of gambling platforms offers unique advantages over traditional casinos. Understanding this trend is crucial for anyone involved in the gaming or cryptocurrency sectors. Crypto casinos are […]
Yes, Bitcoin is legal in Belarus. The country has taken a supportive stance towards cryptocurrencies, with the government recognizing it as a legitimate means of payment and allowing for tax-free operations for businesses in the sector until 2023.
To buy Bitcoin in Belarus, one can follow these steps:
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?
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. To date, in 2023, Belarusbank has not advertised any crypto services on its main page.
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.
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.
It is essential to consider these risks before investing in Bitcoin, conduct thorough research, and seek professional advice, if you need it.
Belarus is not particularly a hot spot for crypto fraud, but to avoid scams while buying Bitcoin in Belarus, consider the following steps:
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 – they only pay 1% of their turnover, and these terms are guaranteed through 2049.
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!
Belarus is a global leader in Coincub’s crypto tax ranking as it surged ahead with crypto adoption following its decision some years back to exempt individuals and businesses dealing in cryptocurrency from taxes right up to 2023. This year the company might take a turn on this decision, but President Alexander Lukashenko of Belarus aims to have more control over the digital economy by changing current regulations of the cryptocurrency industry. 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.
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. As the 2023 deadline approaches, it’s hard to see things staying the same but for the next three or four months at least, your crypto gains will be untaxed.
The government of Belarus has produced a series of guidelines for the upcoming changes in 2023 on corporate and individual income tax:
The extent to which these guidelines will impact precisely your crypto tax bill is tbd, most like everywhere else in the world though.
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