Belarus-style Silicon Valley: Why Nobody Rushes Up Into Tax-Free ICOs?

For the purpose of creating and supporting innovative startups in the country, the government created the High-Tech Park, which becomes the mecca of the first national cryptocurrency operators.

From 2013 to 2016, Belarus has been the leader of the Google Code Jam with world giants such as World of Tanks, MSQRD, Viber, Maps.me, Prisma, Apalon Apps joining the number of projects released in HTP. The President gives a green light to cryptocurrencies Having assisted with the development of the IT sector, the administration decided to keep pace with more progressive countries and began the process of digitalization of the economy.

What's permitted? The Decree legalizes businesses based on Blockchain-technology, as well as any activity related to cryptocurrencies and digital tokens.

ICO changers: first country to legislate smart contracts Belarus is one of the first country to provide detailed regulation of digital tokens, cryptocurrencies, ICOs, activity of cryptocurrency exchanges, and what is the most unprecedented - "a smart contract is declared to have a status of fully official document" - states Ilya Orlov, TravelChain CEO. "Many ICO-related projects are attracted by new perspectives, though do not hurry to make any steps forward."

To conduct a full-fledged token sale, the company either must be registered on the territory of the Republic of Belarus and, accordingly, have an account with a Belarusian bank, or act through HTP operators, the so-called official cryptocurrency platforms.

Despite the welcoming Decree, the current reality is that Belarusian banks do not have the infrastructure to handle cryptocurrencies.

"There is no practice of applying these standards, as virtually no one in the territory of the Republic of Belarus has yet been engaged in the exchange of cryptocurrency or the conduct of so-called ICO.".

Despite the primary legalization of the cryptocurrency industry in Belarus, the free circulation of cryptocurrencies can be carried out only within the framework of HTP. Scale full-fledged payments according to the authorities will become possible only after a successful experiment in limited conditions.

The Hi-Tech Park and the government of Belarus tried their best to create friendly conditions for all the parties of the cryptocurrency market.

Earlier, the Organization for Economic Development and Cooperation called on the Central Banks of the G20 countries to work out a common approach to regulating cryptocurrencies.