Bitcoin Reaches New Peak
- Operations permitted for individuals in Belarus
- Individual entrepreneurs – HTP residents
- Belarusian companies not resident in the HTP
- Legal entities – HTP residents
- Contact our legal team to learn more
According to data from Coindesk, in November 2024, the price of Bitcoin surpassed $90,000 for the first time. In this regard, REVERA reminds Belarusian individuals and legal entities of the permissible operations with cryptocurrencies and other tokens.
Operations permitted for individuals in Belarus
Operations permitted for individuals in Belarus (i.e., citizens of the Republic of Belarus and foreign nationals residing in Belarus):
- Storage of tokens in virtual wallets;
- Exchange of tokens for other tokens;
- Purchase and disposal of tokens in exchange for Belarusian rubles, foreign currencies, or electronic money;
- Donation and inheritance of tokens.
Mining of tokens remains uncertain, as the revised Civil Code does not explicitly list mining as a type of activity not considered entrepreneurial. Individuals are not permitted to engage in entrepreneurial activities without registering as an individual entrepreneur or legal entity.
Please note that, under Decree No. 367, individuals, including individual entrepreneurs who are residents of the High-Tech Park (HTP), may transfer funds for the purpose of acquiring tokens exclusively to accounts of crypto exchange operators and cryptocurrency exchanger operators – HTP residents – as well as other HTP residents engaged in relevant activities. However, the Decree does not restrict the use of tokens purchased from an HTP resident for transfer to a foreign virtual wallet or for token-to-token exchanges on foreign crypto exchange platforms.
The disposal of tokens for monetary funds and their withdrawal must also occur through HTP crypto residents. Thus, tokens stored on foreign crypto exchange platforms must first be transferred to a virtual wallet opened by an individual within the information system of an HTP resident.
Additionally, it is important to note that the restrictions established by Decree No. 367 apply to individuals physically located in the Republic of Belarus and to cases where individuals use for the acquisition of tokens funds from bank accounts held with Belarusian banks.
Individual entrepreneurs – HTP residents
Individual entrepreneurs – HTP residents, in addition to the operations listed in item 1, are entitled to:
- Create and issue their own tokens within Belarus and abroad through an HTP resident serving as an ICO organiser;
- Engage in mining activities if this is provided for in their business project and approved by the HTP Supervisory Board.
Belarusian companies not resident in the HTP
Belarusian companies not resident in the HTP are permitted to:
- Create and issue their own tokens within Belarus and abroad through an HTP resident serving as an ICO organiser;
- Store tokens in virtual wallets;
- Acquire and dispose of tokens and conduct other transactions with them through crypto exchange operators and cryptocurrency exchanger operators – HTP residents – as well as other HTP residents engaged in relevant activities.
Legal entities – HTP residents
Legal entities – HTP residents, in addition to the operations listed above, may engage in cryptocurrency activities provided for in their business projects and approved by the HTP Supervisory Board. At present, the following types of crypto businesses are explicitly regulated in Belarus:
- Crypto exchange operators;
- Cryptocurrency exchanger operators;
- ICO organisers;
- Crypto brokers;
- Miners.
Authors: Gleb Yakushev,Palina Filiptsova
Contact our legal team to learn more
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