The Belarus government has passed new legislation aimed at encouraging companies working around the blockchain and cryptocurrencies.
Their media agency BeITA reports that the President signed a decree that protects the use of emerging tech. The digital economy decree also offers tax incentives to attract investment into the business.
A local IT firm, summarizing the statute states says that the government wants to be a hub for financial and tech startups.
A part of the law also gives a legal basis for small contract developing companies, cryptocurrency miners and so forth. Additionally, all of them are exempt from taxation for the next half a decade.
“Profits and turnovers from the operations are not taxable until 2023,” states the law.
Additionally, the country’s central bank had been looking for avenues to incorporate blockchain into their system.
Pavel Kallaur, the central bank chief noted that the push will enable more digital currency businesses to open up in the country.