Belarus

## Retail Trading Status: Belarus

**Date:** 2025-06-26

**Topic:** Retail_Trading_Status

**Status:** Allowed-Regulated

**Narrative Explanation:**

Retail cryptocurrency trading is legally permitted in Belarus and is subject to a specific regulatory framework. This framework was primarily established by Decree No. 8 "On the Development of the Digital Economy," signed on December 21, 2017. This decree legalized activities related to cryptocurrencies, including mining, buying, selling, and exchanging them, and introduced a special legal regime for residents of the High-Tech Park (HTP), a special economic zone in Belarus.

Initially, the decree provided significant tax exemptions for individuals and HTP residents engaging in cryptocurrency activities until January 1, 2023. This included exemptions from income tax on mining, acquiring, and alienating digital signs (tokens), as well as VAT and profit tax exemptions for HTP residents on activities involving tokens. While the initial broad tax exemptions for individuals expired, the general legal framework permitting cryptocurrency operations remains.

Key aspects of the regulatory environment include:

*   **Legality:** Individuals are legally permitted to possess, mine, acquire, and dispose of tokens (cryptocurrencies). They can engage in these activities independently or through cryptocurrency exchange operators and cryptocurrency exchange services.
*   **Regulatory Body:** The High-Tech Park (HTP) administration plays a significant role in overseeing and regulating the activities of cryptocurrency-related businesses operating within its jurisdiction. The National Bank of the Republic of Belarus also has a role in monitoring and can issue statements or clarifications.
*   **KYC/AML Requirements:** Operators of crypto-platforms (exchanges, exchange services) are subject to stringent Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) requirements. These obligations are in line with international standards, such as those set by the Financial Action Task Force (FATF). This means individuals using these platforms must typically undergo Know Your Customer (KYC) procedures.
*   **Licensing:** Entities wishing to operate as cryptocurrency exchanges or provide related services must become residents of the High-Tech Park and comply with its specific regulatory requirements, which effectively acts as a licensing regime.
*   **Warnings and Consumer Protection:** While legal, the National Bank of Belarus has previously issued warnings regarding the risks associated with investing in cryptocurrencies, emphasizing their speculative nature and the potential for financial loss.

The Belarusian approach has been characterized by an attempt to foster innovation in the digital economy while putting in place measures to mitigate risks, particularly concerning illicit financial activities. The framework established by Decree No. 8 created a distinct legal space for cryptocurrency operations, making Belarus one of the earlier countries in the region to formally address the status of digital currencies.

It is important to note that while the initial comprehensive tax exemptions for individuals may have changed or expired as of January 1, 2023 (and subsequently extended for HTP residents until January 1, 2025, under certain conditions), the fundamental legality of retail cryptocurrency trading and the regulatory oversight for service providers remain. Individuals should be aware of current tax obligations related to cryptocurrency transactions.

**Specific, Relevant Text Excerpts and Sources:**

*   **Source:** National Bank of the Republic of Belarus (regarding Decree No. 8)
    *   **Excerpt Summary:** "Decree No. 8 of the President of the Republic of Belarus of December 21, 2017 'On the Development of the Digital Economy' legalized activities related to mining, storing, buying, selling, exchanging cryptocurrencies, and also created a legal basis for the activities of cryptocurrency exchanges and exchange services." (This is a summary of the decree's impact often cited in official and secondary sources when discussing Belarus's crypto framework).
    *   **URL:** While a direct link to an English translation of Decree No. 8 on an official government site can be difficult to locate consistently, the National Bank's site often discusses its implications. A general search for "Decree No. 8 Belarus digital economy" will yield numerous analyses and references. The official text is in Russian/Belarusian. (Example of official mention, though not the full decree text in English: Search for news or legal acts on `president.gov.by` or `nbrb.by`). *As direct links to specific decree pages in English on official Belarusian government sites are often unstable or non-existent, a highly reputable secondary source summarizing the decree's key points is often the most practical reference for international audiences.*

*   **Source:** High-Tech Park (HTP) Belarus Website
    *   **Excerpt Summary:** The HTP website details the special legal regime for residents, which includes entities operating with digital signs (tokens). It outlines the requirements for becoming an HTP resident and the regulatory framework they must adhere to, including AML/CFT obligations. (Paraphrased from typical content found on the HTP website regarding its regulatory role).
    *   **URL:** `http://www.park.by/` (The specific English pages detailing crypto regulation can vary, but the HTP site is the primary source for information on its residents and their regulatory obligations).

*   **Source:** International Monetary Fund (IMF) - BELARUS: Staff Report for the 2023 Article IV Consultation (or similar reports from international bodies)
    *   **Excerpt Summary:** Reports from international bodies like the IMF or FATF often comment on Belarus's AML/CFT framework concerning virtual assets and the role of the HTP. For instance, they might note that "Belarus has a regulatory framework for virtual assets and virtual asset service providers (VASPs), with AML/CFT obligations applicable to HTP residents involved in these activities." (This is a generalized statement reflecting typical findings in such reports).
    *   **URL:** IMF publications can be found at `https://www.imf.org/en/Publications`. Specific country reports would need to be searched.

*   **Source:** Various international legal and consulting firms specializing in FinTech and cryptocurrency regulation (e.g., reports from firms like Deloitte, PwC, or specialized crypto law firms).
    *   **Excerpt Summary:** Many legal and consulting firms publish analyses of Belarus's cryptocurrency regulations. A typical excerpt might state: "Decree No. 8 provides a legal framework for the circulation of cryptocurrencies and tokens in Belarus. Individuals are permitted to engage in cryptocurrency transactions, and entities providing such services, typically residents of the High-Tech Park, are subject to specific licensing and AML/KYC requirements."
    *   **URL:** These would be varied. For example, searching for "Belarus cryptocurrency regulation Deloitte" or "Belarus crypto law PwC" would yield relevant reports or articles.

**Note on Evolving Regulations and Tax Status:** While the core legality established by Decree No. 8 remains, specific aspects like tax treatment have seen changes. The initial broad tax exemptions for individuals for activities with tokens were set to expire on January 1, 2023. Subsequent legislation extended certain tax benefits for HTP residents until January 1, 2025. Individuals should consult the latest official Belarusian tax code or seek professional advice for the current tax implications of their cryptocurrency activities. The regulatory landscape, particularly concerning AML/CFT measures, continues to evolve globally, and Belarus is expected to adapt its framework accordingly.