Belarus proposes permitting funds to invest in digital assets

The Ministry of Finance of Belarus подготовило a set of legislative amendments that, in particular, will allow investment funds to invest in digital assets.

Professional participants in the securities market will also gain the right to become residents of the Hi-Tech Park (HTP).

Among other things, the Ministry of Finance proposes extending the period of tax relief on profits of Belarus-registered investment funds by nine years, to January 1, 2031.

The ministry’s initiatives are aimed at stimulating the development of investment funds, as they are currently effectively absent in the country despite the existing regulatory framework.

Public discussion on the drafts will run until February 11.

Back in March 2018 Belarus enacted the Decree on the Development of the Digital Economy, which established the framework for the use of cryptocurrencies and tokens, and introduced tax incentives for crypto operations.

In June 2020, the National Bank of Belarus proposed involving banks in the creation and execution of deals with utility tokens, with the mediation of Hi-Tech Park residents.

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