HTP 2.0: A Novel Law legalised for crypto currency transactions in Belarus
Belarus, the European country has been leading to become a hub for the digital and crypto industries since a while. As per the recent reports Belarusian diplomats showed their interest in new establishments in the cooperation with businessmen, who are seeing the possible participation in fintech market and crypto currency blockchain projects in Belarus. The country has legalized the online trading in crypto coins and timely introduces encouraging laws.
Last year, On 21 December 2017 the President of the Republic of Belarus issued Decree No. 8 “On the Development of a Digital Economy” (Decree No. 8). This decree extends HTP (the special Hi-Tech Park) legal regime until 2049, removes barriers in the way of IT product companies in Belarus.
The decree is introduced to make investments easier in Belarusian IT companies, and establishing the legal framework for the circulation of crypto currencies through block chaintechnology, ICO (initial coin offerings), and transactions using smart contracts.
What is the HTP?
The HTP is a special legal system for IT companies governed by the Regulations approved by Decree No. 8. The participation of the HTP Directorial Board is permitted by the President of the Republic of Belarus.
The new law “Decree No. 8” seems like the great start and offering the country many opportunities of becoming another digital hub of crypto currency world. It holds hope to attract dozens of Crypto currency startups in Belarus. Many talented block chain developers willing to experience new opportunities in crypto currency market. Belarusian companies with up to 100 employees and millions of dollars of investments may enter into convertible loan agreements.
New Startups has opportunities to do business involving information and telecommunication technologies, artificial intelligence, nanotechnologies robotics and instrumentation, biotechnology, microelectronics and radio electronics, and other technologies specified in Decree No. 8.
What relations the decree of Belarus crypto currencies and block chain technologies hold with in?
Decree No. 8 sets the basic rules for relations involving the use of block chain technologies and defines such key concepts as block chain, token, crypto currency, mining and smart contract. A token can be defined as an entry in a ledger of transaction blocks (block chain). In other sense it can be concluded as a distributed information system that secures the rights to objects of civil rights and verifies a crypto currency.
What role do HTP residents play in online bit coin mining?
Crypto currency Tokens or digital coins are assets for accounting purposes and usually considered as an object of proprietary rights. The country’s law allows Legal entities and individuals to own crypto tokens and store them in virtual wallets. Legal entities can carry out transactions with tokens through HTP residents, including acquiring and alienating them and holding ICOs in Belarus tokens. HTP residents can easily provide crypto-exchange and ICO services. For the HTP residents, the procurement and alienation of tokens are not taxable. Hence fore, they can engage in mining and do other activities with tokens like generating revenues by mining tax- free online top crypto currencies.
New startups or existing legal entities from outside country generally faces issues in monetary investments as allotting their own token but through HTP residents they get an easy hold on investments. Currency law or laws on securities activities involves the use of tokens. Neither licensing does apply to HTP residents’ as well as individuals, nor are such activities regarded as banking activities.
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