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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.
How to buy Bitcoin in Belarus?
To buy Bitcoin in Belarus, one can follow these steps:
Choose a reputable cryptocurrency exchange: Look for an exchange that operates in Belarus, has a good reputation, and offers a secure platform.
Set up an account: Register on the exchange and complete the verification process to set up your account.
Add funds to your account: Most exchanges allow you to add funds using bank transfer or credit/debit card.
Buy Bitcoin: Once you have added funds to your account, you can buy Bitcoin by placing an order on the exchange.
Store your Bitcoin: It is important to store your Bitcoin in a secure wallet to protect your investments. 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 making a decision 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 does not advertise any crypto services on their 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.
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?
As the country might change the regulation on taxes in 2023, you might want to keep a close eye on the changes happening in Belarus in order to protect your investment. Here are some other risks you might want to have in mind:
Regulatory risk: The government of Belarus may change its regulations regarding the taxation of cryptocurrencies, which could affect the value of your investment.
Volatility risk: The value of Bitcoin is highly volatile and can fluctuate rapidly.
Security risk: Storing your Bitcoins in a digital wallet is vulnerable to cyber-attacks and hacking, so it is important to store them securely.
Liquidity risk: It may be difficult to convert your Bitcoins into fiat currency or other assets, especially in the event of a market downturn.
Market risk: The cryptocurrency market is largely unregulated, and there is a risk of fraudulent activities, such as Ponzi schemes and market manipulation.
It is important to consider these risks before investing in Bitcoin and to conduct thorough research and seek professional advice, if necessary.
How to avoid scams while buying Bitcoin in Belarus?
Belarus is not particularly a hot spot for crypto fraud, but to avoid scams while buying Bitcoin in Belarus, consider the following steps:
Research reputable exchanges and brokers, checking for customer reviews and security features.
Verify the authenticity of the website and check for SSL certificates.
Use secure payment methods, such as direct bank transfers or the use of escrow services.
Store your Bitcoin in a secure wallet, separate from the exchange.
Be cautious of unsolicited offers or requests for personal information.
Use two-factor authentication for added security.
Report any suspicious activity to the relevant authorities.
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 – 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!
Crypto Facilitation - Banks5
Crypto Services - VASPS2
Crypto Pensions / Investment Industry1
Business Community and Enterprise Funding0
Taxes in Belarus
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.
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. 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.
What are the upcoming guidelines for Belarus taxes in 2023?
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This is not financial advice. Coincub is an independent publisher and comparison service. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. This space changes rapidly and evolving, so please make sure to do your own research. Although we do our best to provide you the best information, we cannot guarantee the accuracy or applicability of any information on this site or in regard to your individual circumstances.