Belarus: blockchain and crypt regulation
The Decree No. 8 on regulation of the blockchain and related infrastructure, which was signed by the President of the Republic of Belarus on December 22, 2017, entered into force the day before yesterday in Belarus. The decree introduces such concepts (and their regulation) as blockchain, cryptocurrency, tokens, mining in Belarus smart contracts. Fixing these concepts through their definition in a legal document is the first experience. in the territory of the former Soviet Union. Of course, it will be taken into account and studied in neighboring countries, including Russia, especially in connection with the development of a common economic space within the EAEU.
In the period between the signing of Decree No. 8 and its entry into force, a number of regulations were adopted to regulate the issues provided for in Decree No. 8.
The National Bank adopted a resolution [1], expanding the list of signs of suspicious operations related to the legalization of proceeds from crime, the financing of terrorist activities and the financing of the proliferation of weapons of mass destruction. Transactions with a crypt worth more than about 60 thousand dollars (approximately 47 thousand euros) will fall under special control of banks if such transactions are (i) “not caused by the nature of the activity” or (ii) there is no source of funds, or (iii) without participation resident of the High-Tech Park [2].
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Small changes have been made to the documents, among other things concerning the High-Tech Park (the register of the Park residents has been changed - now it has fields relating to crypto-platform operators and cryptocurrency exchange operators) [3].
Changes are also made to accounting standards [4]. Approaches to the evaluation of tokens were determined, it was determined what accounting information should be disclosed in working with digital currencies, different token statuses were established:
The President signed a decree on the preparation of a draft law of the Republic of Belarus “On Personal Data” by December 2018. The introduction of the bill to parliament is scheduled for April 2019. [5]
The introduction of regulation in Belarus opens up new opportunities for companies and investors who are planning or are already on the way to implementing projects using the blockchain.
Russia is also actively working on the development of laws that will regulate the blockchain infrastructure (as of today, 3 bills have been submitted to the State Duma).
[1] Resolution of the National Bank of the Republic of Belarus 62 15.02.2018 On making additions and changes to the Resolution of the Board of the National Bank of the Republic of Belarus of December 24, 2014 No. 818
[2] The High-Tech Park is a special economic zone with a special tax and legal regime in the Republic of Belarus, on the basis of which it is planned to develop a crypto-industry in the Republic.
[3] Resolution of the Council of Ministers of Belarus No. 205 dated March 20, 2018 on introducing amendments to Resolution No. 403 of March 27, 2006 “On some issues of implementation of Presidential Decree No. 12 of September 22, 2005” (this decree approved the provision on Park high technology).
[4] Resolution of the Ministry of Finance of the Republic of Belarus on March 6, 2018. â„– 16 "On approval of the National Accounting Standard and Reporting" Digital Signs (Tokens) "and making additions and changes to some resolutions of the Ministry of Finance of the Republic of Belarus.
[5] Decree of the President of the Republic of Belarus of January 10, 2018 No. 9 “On approval of the plan for the preparation of draft laws for 2018” (January 11, 2018, 1/17459).
In the period between the signing of Decree No. 8 and its entry into force, a number of regulations were adopted to regulate the issues provided for in Decree No. 8.
Bank control over operations
The National Bank adopted a resolution [1], expanding the list of signs of suspicious operations related to the legalization of proceeds from crime, the financing of terrorist activities and the financing of the proliferation of weapons of mass destruction. Transactions with a crypt worth more than about 60 thousand dollars (approximately 47 thousand euros) will fall under special control of banks if such transactions are (i) “not caused by the nature of the activity” or (ii) there is no source of funds, or (iii) without participation resident of the High-Tech Park [2].
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Register of residents of the High-Tech Park
Small changes have been made to the documents, among other things concerning the High-Tech Park (the register of the Park residents has been changed - now it has fields relating to crypto-platform operators and cryptocurrency exchange operators) [3].
Accounting Tokens
Changes are also made to accounting standards [4]. Approaches to the evaluation of tokens were determined, it was determined what accounting information should be disclosed in working with digital currencies, different token statuses were established:
- To exercise the rights certified by tokens - “Settlements with different debtors and creditors” and “Other incomes and expenses” (as long-term and short-term financial investments),
- Purchase of tokens for their subsequent sale - "Goods", "Settlements with suppliers" and "Incomes and expenses on current activities",
- Tokens obtained from mining - “Finished products” and “Primary production”,
- Tokens created for ICO - not accepted for accounting.
Personal Information
The President signed a decree on the preparation of a draft law of the Republic of Belarus “On Personal Data” by December 2018. The introduction of the bill to parliament is scheduled for April 2019. [5]
The introduction of regulation in Belarus opens up new opportunities for companies and investors who are planning or are already on the way to implementing projects using the blockchain.
Russia is also actively working on the development of laws that will regulate the blockchain infrastructure (as of today, 3 bills have been submitted to the State Duma).
Sources:
[1] Resolution of the National Bank of the Republic of Belarus 62 15.02.2018 On making additions and changes to the Resolution of the Board of the National Bank of the Republic of Belarus of December 24, 2014 No. 818
[2] The High-Tech Park is a special economic zone with a special tax and legal regime in the Republic of Belarus, on the basis of which it is planned to develop a crypto-industry in the Republic.
[3] Resolution of the Council of Ministers of Belarus No. 205 dated March 20, 2018 on introducing amendments to Resolution No. 403 of March 27, 2006 “On some issues of implementation of Presidential Decree No. 12 of September 22, 2005” (this decree approved the provision on Park high technology).
[4] Resolution of the Ministry of Finance of the Republic of Belarus on March 6, 2018. â„– 16 "On approval of the National Accounting Standard and Reporting" Digital Signs (Tokens) "and making additions and changes to some resolutions of the Ministry of Finance of the Republic of Belarus.
[5] Decree of the President of the Republic of Belarus of January 10, 2018 No. 9 “On approval of the plan for the preparation of draft laws for 2018” (January 11, 2018, 1/17459).
Source: https://habr.com/ru/post/352456/
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