Belarus has officially introduced a new accounting standard related for cryptocurrencies. According to Belarusian Telegraph Agency or BelTA, Belarusian Ministry Of Finance's ordinance No. 8 on digital economy development, which was dated December 21, 2017, came into force on March 28.
The new accounting standard specifies the procedures for keeping accounting records of crypto transactions. It classifies digital tokens as per their acquisition and intended use.
It was in last December that Belarusian President Alexander Lukashenko signed the Digital Economy Growth bill, which supports Blockchain and cryptocurrency development, and legalizes crypto activities.
BelTA noted that the Digital Economy Development Ordinance has been drafted on the instruction of the head of state by the administration of Belarus' Hi-Tech Park or HTP, the IT community, the country's leading law and consulting firms, and foreign experts.
The ordinance creates the legal environment for initial coin offering or ICO, using cryptocurrencies, and introducing smart contracts. It does not mention any special requirements for operations to create, store, acquire, and exchange tokens, for cryptocurrency platforms and cryptocurrency exchange operators.
Further, the accounting standard exempts individuals from personal income tax on the incomes from mining, acquisition and sale of digital tokens. Digital tokens shall not be declared.
The report saidas a follow-up to Ordinance No. 8, the National Bank of the Republic of Belarus has amended the requirements for internal control in banks and non-bank financial institutions to fight money laundering, terrorist financing, and the spread of weapons of mass destruction.
Lukashenko last year had also signed a crypto-related bill for the Belarusian HTP to create an economic zone, allowing new technologies to develop specifically including cryptocurrencies and ICOs.
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