World expert on cyber security called the decree of the President of Belarus a model for the global IT ecosystem
A book was published international expert on cyber security, where he leads the analysis of legislative base of Belarus in the IT sphere, in particular decree No. 8 of A. Lukashenko “On the development of the digital economy”.
Decree No. 8 that the country should become a point of attraction for the world’s IT business, entered into force on March 28, 2018. In September, President Alexander Lukashenko signed the decree “About measures on realization of the Decree of the President RB”.
The project “On the development of the digital economy” aims to turn Belarus into “the world’s first jurisdiction with a comprehensive legal regulation of business based on blockchain technology and the world’s first state to legalize smart contracts”.
The author, Paul Duggal, a lawyer from India and Chairman of the International Commission on cybersecurity, believes that Belarus has all the chances to succeed in the global race for the future in the new digital reality, and its approach to regulation “may be an example” for other States:
“I think the decree No. 8 is really revolutionary. Instead of completely denying the existence of the cryptocurrency or to emphasize their speculative value, more than reasonable for the States is the adoption of far-sighted and pragmatic legal approaches. Belarusian model of legislating in this area is like a breath of fresh air”
In September in the framework of the working visit to South Korea Belarusian diplomats expressed interest in cooperating with South Korean investors considering participation in FINTECH – and cryptoprocta developed on the territory of the Republic of Belarus. According to Paul Duggal, “the Belarusian decree will effectively contribute to attract investments”:
“Many predict that the document will give impetus to the transfer of activities undertaken by other jurisdictions and drugiz countries, in the Republic of Belarus”
Recall that according to the decree, until 1 January 2023, the tax will not affect the turnover and profit of the residents of the Park of High Technologies obtained in the result of mining activities, and create, purchase and sale of tokens. Individuals also will not have to pay taxes on activities related to cryptocurrency.
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