MINSK - A sectoral council on digital economy development may be set up in Belarus in partnership with Belarusian banks on the premises of the High-Tech Park to implement President Lukashenko’s Decree #8 “On Digital Economy Development”.
Chairman of the Association of Belarusian Banks (ABB) Alexander Kuchinsky made a statement to this effect at a roundtable conference attended by representatives of the National Bank, banks and non-banking credit-and-finance institutions, diplomats, the Banking Processing Centre, the High-Tech Park, the Interior Affairs Ministry, relevant business associations, law firms and IT companies.
They plan to use the High-Tech Park as a platform for developing professional skills qualifications and contemporary study programmes aimed at implementing the decree on digital economy development, said Kuchinsky.
In his words, the ABB has been invited by the National Bank to contribute the establishment of a relevant sectoral council.
Belarus President Alexander Lukashenko on Dec 21, 2017 signed the Decree “On Digital Economy Development” that legalizes ICO (initial coin offerings), cryptocurrencies and smart contracts. The Decree does not include any restrictions or special requirements for the creation, issue, storage, sale or exchange of digital tokens, as well as operation of cryptocurrency exchanges and platforms. Individuals are exempt from personal income tax on the incomes from mining, acquisition and sale of digital tokens; digital tokens shall not be declared. Activities related to mining, creation, acquisition and sale of digital tokens will remain tax-free until 2023. The decree will take effect at the end of March 2018.
Belarus Hi-Tech Park (HTP) was named the main ground for pilot experiments with digital tokens operations. Created in 2005 at the initiative of the President of Belarus, the Park has grown to one of the leading IT-clusters in Eastern Europe and CIS.
In addition to the significant expansion of the types of activities that HTP resident-companies can perform, the Decree introduces a number of English law instruments, namely, convertible loan, option and option agreement, non-competition, non-solicitation, indemnities.
The Association of Belarusian Banks was established in 1990 with a view to coordinating the operation of credit and finance institutions. At present the ABB comprises 36 banks and institutions.