The benefits for the cryptosphere remain in force for another 2 years. This is provided for by Decree No. 80 "On Certain Taxation Issues". What does this mean and what legal opportunities does it give to Belarusians? We answer the main questions about using cryptocurrencies without legal problems.

Yes. In December 2017, Decree No. 8 "On the Development of the Digital Economy" was signed. This provided the legal basis for the functioning of cryptocurrencies in Belarus.

By July 1, 2024, it is planned to develop a concept for the further development of the digital signage sphere in Belarus.

What can an ordinary Belarusian do with cryptocurrency?

As stated in Decree No. 8, cryptocurrency in Belarus is allowed to be bought, stored, exchanged and sold. Individuals can perform these actions on any available platforms, legal entities - only on the services of residents of the High-Tech Park.

Is it possible to buy goods with cryptocurrency?

In Belarus, cryptocurrency is not recognized as a means of payment. This means that it cannot be accepted as payment for goods or services. It is also impossible to pay in tokens.

How to spend it then?

First, it needs to be exchanged for fiat, that is, regular money - rubles or dollars, for example. Cryptocurrency exchanges and exchangers are suitable for this.

Exchangers are simpler in functionality and more understandable for beginners. If you are worried about the safety of your money, it is better to choose a legal platform. In Belarus, one of them is Whitebird. This is the first "white" and largest exchanger in the CIS, a resident of the HTP, a partner of VISA and Belarusbank. The most popular digital currencies Bitcoin (BTC), Ethereum (ETH) and Tether (USDT ERC-20) are available in the exchanger. They can be exchanged for the US dollar (USD), Belarusian ruble (BYN) and Russian ruble (RUB).

Another option is a crypto card. With it, you don’t need to convert cryptocurrency on special platforms in advance – everything happens automatically, at the time of payment. Tokens are debited from the digital account and are credited to the seller’s account in fiat equivalent. Crypto cards can be used in the same places as regular ones – they are issued with the support of the largest payment systems, such as VISA and Mastercard.

Do you need to pay taxes?

No. Tax breaks in the crypto sphere have been extended until January 1, 2025.

Individuals who are recognized as taxpayers in Belarus do not need to pay tax on income from mining, acquisition and alienation of tokens, exchange of one token for another. Tokens, as well as income from transactions with them, do not need to be declared.

However, nothing prevents tax authorities from inquiring about the source of your funds. Therefore, if your income is derived from cryptocurrency, you should always be prepared to prove it or otherwise pay income tax.

Legal entities-residents of the HTP are exempt from income tax on cryptocurrency transactions. Legal entities-non-residents of the HTP are required to pay tax, but only when selling tokens for fiat. The exchange of tokens for tokens is not subject to tax.#Bitcoin #ETH #TRX #BNB