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In a major step, the Eastern European country of Belarus has decided that it will let investment funds seek exposure to digital assets. Belarus’ Ministry of Finance for public consultations has published amendments that seek to lure some investment funds.
The department said that despite it having the necessary regulatory framework for collective investments, not a single fund has registered so far. One of the major reasons behind this reluctance could be that these funds aren’t allowed to invest in crypto assets.
The Ministry of Finance further acknowledged that the market demand for cryptocurrencies is growing at a very fast pace. As a result, the ministry has come forward to make some amendments to the decree that will lift the restrictions on these funds and will allow them to simultaneously operate as securities dealers and residents of the Belarus High-Tech Park.
Tax Cuts for The Belarus Crypto Industry
Professionals from the crypto industry of Belarus have been demanding long-term guarantees from the government in crypto tax cuts. Listening to their demands, the Ministry of Finance has put forward new provisions that will provide tax exemptions to entities working on collective investments until Jan 1, 2031.
Back in 2018, Belarus hinted at being a crypto-friendly nation by allowing crypto businesses to operate in the country under the decree “On the development of the digital economy”. President Alexander Lukashenko has himself signed the documentation which involved tax breaks and additional incentives for companies operating in this space.
Currently, the Belarusian authorities have hinted that officials have no intentions to bring stricter rules for the crypto space. The country’s neighboring ally Russia has also moved to take up a soft stand on digital assets recently.
Note that despite this crypto-friendly stand, the use of digital assets in Belarus has been prohibited. However, residents are allowed to trade digital assets.
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