Belarus allows investment funds to acquire crypto-assets-regulation
Belarus allows investment funds to acquire crypto-assets-regulation
The crypto -friendly nation Belarus is preparing to allow investment funds to invest money in digital currencies. A corresponding proposal is part of a package of necessary legal changes that are tailored to gain such institutions for the country.
Ministry of Finance undertakes to facilitate crypto investments in Belarus
There were changes to lure investment funds to Belarus from Ministry of Finance for Public Consultations. Despite an existing regulatory framework for collective systems, not a single fund in the country has so far been registered, the ministry found in its motives for the initiative.
One of the main reasons for the lack of such means is that they are currently being prevented from investing in crypto-assets, representatives of specialist circles have pointed out. The market for "digital characters (token)", the legal term that is used to describe cryptocurrencies, grows rapidly, the Ministry of Finance has granted.
In order to remove the restrictions, the ministry has developed a decision to change its own decree on activities on the securities market in relation to investment funds. It is planned to allow the fund, at the same time as a securities dealer and resident of the Belarusian high-tech park ( htp ). The latter manages a special legal system that has been set up to facilitate the country's digital economy, including the crypto sector.
Another concern expressed by experts is the lack of long -term government guarantees with regard to existing tax cuts for the industry. In order to address this problem, the Ministry of Finance has proposed new provisions that will extend the tax exemptions for companies that work with joint investments.
Belarus opened its doors for crypto companies in spring 2018. Lukaschko signed document introduced tax reliefs and other incentives for companies that deal with digital assets.
Despite Lukaschko indicated last March for a possible tightening of the Regulations have recently referred to Belarusian officials that the authorities in Minsk do not have the view, To issue stricter rules for the crypto room, even if the closest ally in the country, Russia, discusses proposal to ban a number of crypto -related activities.
While the use of cryptocurrency is prohibited as a means of payment in Belarus, HTP residents can spend and exchange coins and brands, and the country's largest bank offers a service that enables users to buy and sell digital currencies. The Chainalysis crypto adoption index ranks in third place in Eastern Europe, Russia and Ukraine due to the strong peer-to-peer activity.
Do you expect the Belarusian authorities to take on the proposed changes and allow investment funds to work with cryptocurrencies? Tell us in the comment area below.
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