Belarus has passed new laws in order to encourage the development of cryptocurrency and blockchain-related companies in the country, CoinDesk reported.

According to BelTA, Belarus President Alexander Lukashenko last week signed a digital economy development decree that not only legalizes the use of emerging technologies such as blockchain, but also makes provisions for tax incentives to attract more activity in this sector.

A synopsis of the law on Digital Economy provided by a local IT firm says that the decree will foster the development of the High-Tech Park (HTP). It said that the validity period for the HTP’s special legal status will be extended until January 2049, adding that businesses engaged in the design, development, support, sale, maintenance of software and (or) firmware based on or using the Blockchain, and distributed databases can now become HTP residents.

In addition, it states that Belarus will create a regulatory environment for the circulation of cryptocurrencies and tokens. Importantly,

“Turnovers, profits (income, proceeds) from various operations with tokens are not recognised as taxable items until January 2023,” it said.

Commenting on the new decree, Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur said:

“As for cryptocurrencies, the Digital Economy Development Ordinance allows resident companies of the Hi-Tech Park to use cryptocurrencies for international deals. We are okay with that.”