Belarus will allow crypto businesses, including miners, to operate tax-free until 2025.
Exempted taxes include value added tax, income tax and personal taxes.
Belarus is one of the countries looking to incentivize more crypto-related investments.
Belarus is one of the many countries not looking to lock out crypto firms from their jurisdiction with excessive taxation.
As the regulatory environment becomes increasingly hostile to several crypto firms, the latest news from Belarus indicates the country has extended its tax exemptions for crypto related platforms and entities.
Belarus now joins countries such as Singapore, the UAE, Switzerland and Germany in being crypto tax-free.
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Belarus Bermuda British Virgin Islands Cayman Islands El Salvador Georgia Germany Hong KongMalaysiaMaltaPuerto RicoSingaporeSloveniaSwitzerlandU.A.E.
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No taxation for crypto firms in Belarus till 2025
According to details in the local news outlet AFN, Belarus president Aleksander Lukashenko only recently signed a decree that allows crypto miners and developers to operate tax-free within the country until 2025. The exempted taxes include personal tax, value-added tax and income tax.
The tax exemptions do not benefit crypto miners and developers only – also set to enjoy the latest outlook are firms and individuals working around the exchange of coins and tokens for the Belarusian ruble and foreign currencies.
AFN reported early Thursday that the new decree replaces the previous one that required crypto businesses and people working in the industry to pay applicable taxes up to the of 2023.
Offering access to tax-free operations to businesses and industry players is the latest move by Belarus suggesting fresh incentives to crypto related projects.
The country unveiled its High-Tech Park in 2017, targeting a new wave of crypto miners, and moved the efforts a notch higher with incentives for crypto firms, including through making initial coin offerings (ICO) legal.
