Bitcoin News and Finance
Tax Benefits for Bitcoin Businesses in Belarus Extended Until 2025 Skip to main content

Tax Benefits for Bitcoin Businesses in Belarus Extended Until 2025

Tax Benefits for Bitcoin Businesses in Belarus Extended Until 2025

Tax exemptions for companies and individuals legally working with cryptocurrencies in Belarus will remain in place until Jan. 1, 2025. A new presidential decree extends the tax cuts introduced in 2018 when the executive power in Minsk legalized crypto activities such as mining and trading.

Belarus to Maintain Its Crypto-Friendly Tax Regime for Another 2 Years

President of Belarus Alexander Lukashenko has approved the extension of the tax preferences provided to crypto companies registered in the country and people involved in the industry. On Tuesday, the Belarusian leader signed Decree No. 80 “On Certain Issues of Taxation.”

The document prolongs the tax breaks that were introduced with Lukashenko’s Decree No. 8 “On the Development of the Digital Economy” of Dec. 21, 2017. The latter legalized a number of crypto-related activities in the country when it went into force on March 28, 2018.

The regulations, including the tax benefits, apply only to residents of the Belarus High-Tech Park (HTP). Its special legal regime permits the issuance and circulation of cryptocurrencies and tokens and the Belarusian authorities now seek to ensure its development.

Under Lukashenko’s latest decree, the turnover and profit of such entities will not be subject to value-added tax (VAT) and profit tax until Jan. 1, 2025. Individuals will be also relieved from income tax during the same period, for income received from mining, acquisition, exchange, or sale of crypto assets for fiat currencies.

The president has also ordered the Administration of the HTP to produce a concept for the further development of the crypto sphere in Belarus by July 2024, working with interested parties. The decree enters into force with its publication but covers the first months of the year, too, as the tax exemptions expired on Jan. 1, 2023.

While supporting regulated crypto businesses, the Belarusian government has been going after unauthorized undertakings. In August 2022, law enforcement officials in Minsk issued an international arrest warrant for the owner of the country’s largest unlicensed crypto exchanger, Bitok.me. And in January of this year, a Belarusian citizen was fined $1 million for illegal crypto trading.

Do you think Belarus will extend the tax exemptions again in 2025? Share your expectations in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory