Belarus: Cryptocurrencies and ICOs Now Legal, Tax-Free for Five Years

Today saw the president sign a decree which could put the country in the running for becoming an international tech refuge. According to Bloomberg Technology, Belarus will soon be offering legal incentives and tax reprieves for those trading in cryptocurrencies. The revenue and profits received from crypto-based dealings will be tax exempt until 2023.
Blockchain-based businesses will also be legalized in the country. In addition, the decree details the methods that will be implemented to streamline the venture capital process between Belarus and other countries. This new legislation paves the way for Belarus possibly becoming an international center for ICOs.
Even though these developments are new, Belarus’s fascination with the tech industry is not. Viber, which is a mobile IM and call-making app, was developed in the country. Other Belarus exports include NYSE-listed EPAM Systems Inc. and World of Tanks, and online gaming platform. The latter was founded by Victor Kislyi, who subsequently became the country’s first billionaire.
This should change with this new legislation, which could pave the way for the country becoming a secure place for tech enthusiasts to bring their ideas to fruition.